NEW DELHI (CoinChapter.com) — Solana (SOL) is signaling a fresh increase from the $78 support zone. It could revisit the $115 level or $120 if the bulls remain active above $90.
Solana Price Restarts Increase
We discussed a short-term downside correction in the last SOL price prediction. The price did correct lower below the $100 and $92 levels. The bears even pushed the price below the $85 support before the bulls appeared near $78.
A low was formed near $78.99, and the price is now attempting a fresh increase. There was a clear move above the $88 and $90 resistance levels. Solana broke a key bearish trend line with resistance at $95.80 on the daily chart.
SOL even spiked above the 50% Fib retracement level of the downward move from the $126.66 swing high to the $78.99 low. The price is now consolidating gains above the 50-day simple moving average (blue).
Solana is up over 15% in three days and still showing signs of more upsides unless the bulls fail to protect the 50-day simple moving average (blue), unlike Bitcoin.
Immediate resistance is visible on the daily chart at $102. The first major resistance is near the $108 level. It is close to the 61.8% Fib retracement level of the downward move from the $126.66 swing high to the $78.99 low.
A convincing move above the $108 resistance might start a steady increase. The next key resistance sits at the $115 level, above which SOL could rally toward the $125 resistance. Any more gains might set the stage for a test of $132.
Another Pullback in SOL?
Conversely, Solana might start another pullback from the $102 resistance. The first major support is near the 50-day simple moving average (blue) at $95.
If the bulls fail to protect the $95 support, there could be heavy losses. The next major support is near the $80 zone. A daily close below the $80 support may perhaps send the price toward the $72 support or even $65 in the coming days.
Overall, the SOL price is signaling a fresh increase from the $78 support. If Solana bulls remain active above $92, there could be a fresh rally toward the $125 level. If not, it could revisit the $80 support.
