NEW DELHI (CoinChapter.com) — Solana started a fresh increase from the $80 support zone. Bitcoin is pumping and could soon spark strong bullish moves in ETH and SOL.
Solana Price Signals Breakout
In the last weekly analysis, we discussed why Solana could start a fresh increase and pump 50% in the coming weeks. The price formed a support base above the $80 zone and the 50-week simple moving average (blue) and started a fresh increase. Recently, Bitcoin saw a massive rally above the $60,000 resistance.
It opened the doors for bullish ETH, SOL, and DOGE moves. SOL saw an upside break above the $105 and $112 resistance levels. It even broke a key contracting triangle with resistance at $115 on the weekly chart.
Solana is now up over 15% daily, signaling more upsides. Immediate resistance is visible near the $135 zone. It is close to the 50% Fib retracement level of the main decline from the $259 swing high to the $7.92 low.
If the bulls pump the price above the $135 resistance, there could be a swift move toward the $150 zone. The next target for the bulls could be $165 or the 61.8% Fib retracement level of the main decline from the $259 swing high to the $7.92 low. Any more gains might send Solana toward the $200 handle.
Recently, Solana announced its Renaissance Hackathon, powered by Colosseum (March 4 – April 8). Renaissance is an engineering and business competition where teams implement fully-fledged projects from ideas in 5 weeks.
Are Dips Supported In SOL?
Conversely, the SOL price might struggle to remain above the $135 resistance and start a downside correction. Immediate support is near the triangle zone at $115. The first major support sits at $105.
The main support is now forming near the $80 level. A weekly close below the $80 support level might spark strong bearish moves. Solana could revisit the $50 level or the 50-week simple moving average (blue) in the stated scenario.
Overall, the SOL price signals an upside break above the $115 resistance. If the bulls pump the price above $135, there could be a move toward the $165 level. Solana might start a downside correction toward $105 in the coming sessions if not.
