Solana Breaks Above $100 Mark as Bull Make a Strong Comeback

• At the time of writing, SOL is trading at $101.73, up 12.34% in the last 24 hours.
• If the price manages to go past $110 level, then it will likely test $116 resistance level.

With the final applications for Bitcoin ETFs submitted to the United States SEC on Monday, January 8, the crypto market as a whole and Bitcoin in particular saw a significant rally. Moreover, altcoins like Solana (SOL) have seen a significant recovery.

Strong selling pressure has been plaguing SOL since the beginning of 2024. Consequently, Solana’s price plummeted all the way to $85.5 yesterday. However, SOL’s price made a solid comeback and is now trading above $100 with a 12.34% gain in the last 24 hours.

Since new trends indicate a possible increase in the price of Solana (SOL), cryptocurrency experts are keeping a careful eye on the moves. On the hourly chart, the experts have seen a bull flag formation, with $110 serving as the important resistance level. 

Significant Comeback

Crypto markets got off to a great start in 2024, with inflow investments exceeding $151 million in the first week as per a report from CoinShares. Even though SOL had a great year in 2023, it did not make a significant contribution to the recent funds.

At the time of writing, SOL is trading at $101.73, up 12.34% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 40.75%. 

Source: CoinMarketCap

If the price manages to go past $110 level, then it will likely climb further to test $116 resistance level. On the other hand, if the price manages to go below $96.5 level, then it will likely decline further to test $85.5 support level. Breaking below this level will likely see price testing $70.8 support level.