Solana Price Regains Momentum! Will SOL Price Hit $120 This Week?

The post Solana Price Regains Momentum! Will SOL Price Hit $120 This Week? appeared first on Coinpedia Fintech News

After displaying a bearish sentiment for a brief period, the Solana price has recorded a significant uptrend over the recent time. The SOL token has witnessed a jump of approximately 5% within the past day and has added approximately 20% over the past week.

The Solana price traded in a closed range between $99.70 and $108.18 for a while, following which the bulls gained momentum and attempted a breakout. However, the rally was short-lived as the price faced rejection at $116.95.

TradingView: SOL/USDT

After this, the price recorded a correction of 23% in value. The bulls held the price strong above the support level of $90, resulting in a bounce back in valuation.

Following this, the price traded in a consolidated range between $90 and $108.18 for a brief period, indicating a neutral trend in the crypto space. After multiple failed attempts to break out, the market lost momentum and experienced a breakdown in the chart.

After testing its low of $80, the price regained momentum and has displayed a constant rise in the chart. Recently, the SOL price successfully broke out of its important resistance level, highlighting a bullish influence in the market.

Will Solana Price Regain Value?

The MACD shows a constant green histogram, highlighting a positive price action in the crypto market. Moreover, the averages show a steady rise in the chart, suggesting a bullish influence in the industry.

If the bulls hold the price above the support level of $99.70, the SOL price will test its resistance level of $108.18 soon. Further, if the bulls maintain the price at that level, it will prepare to test its upper resistance level of $116.95 in the coming time.

Negatively, if a trend reversal occurs, the SOL price will lose momentum and fall to test its support level of $90 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $80.19 by the weekend.