Solana (SOL) Price Analysis: Rally Could Extend To $120

• Solana price started a strong increase above the $92.00 resistance against the US Dollar.
• The price is now trading above $100 and the 55 simple moving average (4 hours).
• There is a connecting bullish trend line forming with support near $100 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $105 and $112 to continue higher in the near term.

Solana price is trading in a positive zone above $100 against the US Dollar, like Bitcoin. SOL could extend its rally toward the $120 resistance.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone above the $80 and $82 support levels. The bulls were active near the $92 zone. A base was formed, and the price started a decent increase above the $98 level.

There was a push above the $100 level and the 55 simple moving average (4 hours). The pair even climbed above the $105 level. A high was formed near $106.45 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $78.14 swing low to the $106.45 high.

SOL is now trading above $100 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $100 on the 4-hour chart of the SOL/USD pair.

On the upside, an immediate resistance is near the $102.5 level. The next major resistance is near the $105 zone. Any more gains might send SOL price toward the $112 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $120 level.

On the downside, initial support is near the $100 level and the trend line zone. A downside break below the $100 support level might push the price toward the $95 level.

Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $78.14 swing low to the $106.45 high at $92.30.

Solana (SOL) Price

Looking at the chart, Solana price is clearly trading above $100 and the 55 simple moving average (4 hours). Overall, the price must clear $105 and $112 to continue higher in the near term.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $100 and $92.30.

Key Resistance Levels – $105, $112, and $120.

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