SOL Price Analysis: Solana Bulls Aim For $125 or Higher

• Solana price started a fresh increase from the $98.00 zone against the US Dollar.
• The price is now trading above $108 and the 55 simple moving average (4 hours).
• There was a break above a key contracting triangle with resistance at $107 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $114 and $118 to continue higher in the near term.

Solana price is trading above $105 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $118 resistance.

Solana (SOL) Price Analysis

SOL price started a decent upward move from the $98.00 support zone. The price formed a base and was able to climb above the $102 and $105 levels.

There was a clear move above the 50% Fib retracement level of the downward move from the $118.71 swing high to the $98.46 low. The bulls were even able to push the price above the $106.00 resistance zone. Besides, there was a break above a key contracting triangle with resistance at $107 on the 4-hour chart of the SOL/USD pair.

However, the bears were active near the $114 resistance. SOL is now trading above $105 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $114 level or the 76.4% Fib retracement level of the downward move from the $118.71 swing high to the $98.46 low.

The next major resistance is near the $118.00 zone. Any more gains might send SOL price towards the $125.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $132.00 level.

On the downside, initial support is near the $108.00 level. The next major support is near the $105.00 level. A downside break below the $105.00 support level might push the price toward the $98.00 support. Any more losses might open the doors for more losses toward $85.00.

Looking at the chart, Solana price is trading above $105.00 and the 55 simple moving average (4 hours). Overall, the price must clear $114 and $118 to continue higher in the near term.

Technical Indicators

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

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

Key Support Levels – $108 and $105.

Key Resistance Levels – $114, $118, and $125.