NEW DELHI (CoinChapter.com) — Solana (SOL) holds gains above $70. It is outperforming Bitcoin and seems to be positioning for a fresh surge toward $80 or $85.
Solana Price Remains In Strong Uptrend
In the last Solana price analysis, we discussed the chances of more upsides if it clears the $61.80 resistance. SOL did clear the stated resistance and even rallied above the $65 level. The upward move gained pace above the $70 level.
Finally, the bears took a stand near the $78.00 resistance. A new multi-month high was formed near $77.73, and the price recently started a downside correction, like Bitcoin and Ethereum. There was a drop below the $72 support zone. The price cleared the 23.6% Fib retracement level of the upward move from the $51.30 swing low to the $77.73 high.
However, Solana stayed above the $65 support zone and the 50-day simple moving average (blue). Besides, a crucial bullish trend line is forming with current support at $66.50 on the daily chart.
Recently, SOL tested the same trend line and is currently moving higher. Today, the price is up nearly 3, showing signs of more upsides. On the upside, the bulls might face resistance near the $72.50 level. The first major resistance sits at $75.00.
The main breakout zone is now near $78.00. A clear upside break above the $78.00 resistance could fuel another rally. The next stop for the bulls might be near $85.00, above which SOL might accelerate higher toward the $100.00 barrier in the coming days.
Fundamentally, Solana is on a roll as they conclude their exhibition at Art Basel, Miami Beach. Three Solana artists showed what it means to make art on chain. They showcased ways to blend digital inspiration with traditional mediums and reshape artist-patron dynamics.
SOL To Face Another Rejection?
Conversely, the SOL price might struggle to clear the $78.00 resistance and again correct lower. Immediate support is near the trend line. The first major support sits at $65.00, and the 50% Fib retracement level of the upward wave from the $51.30 swing low to the $77.73 high.
The main support is $61.40. A downside break below the $61.40 support might start an extended decline. In the stated case, the price could test the $51.40 support and the 50-day simple moving average (blue).
Overall, the SOL price still holds gains and shows positive signs above $65.00. There could be a fresh surge if it remains stable above the trend line and $61.40. If not, Solana might start a downside correction toward $51.40.
