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.
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.
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.
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