SOL Rises Above $110, But How High Can It Rise? (solana Price Analysis)
After a brief dip below $100, Solana is coming back with a vengeance.
Key Support levels: $104
Key resistance levels: $117, $126
1. Bulls Target $117
Solana didn’t stay in the double digits for long and quickly reversed course to recoup some of the recent losses. This renewed rise has sent the price on the attack again and its target is the $117 resistance.
Chart by TradingView
2. Purchasing Volume Explodes
When the price of SOL dropped below $100, buyers moved to take advantage of this discount. The strong buying volume managed to completely change the price action and send this cryptocurrency back on the rise.
Chart by TradingView
3. Daily RSI Retracement
Thanks to this latest performance, Solana’s daily RSI rose above 50 points and started to rise again. This is an important signal that sentiment has changed and this rally is likely to continue.
Chart by TradingView
Prejudice
The trend for SOL is upward.
Short Term Forecast for SOL Price
Solana is on track to reach $117. If it breaks above this key level, the next target will be $126.
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Cryptocurrency charts from TradingView.
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