SOL Explodes by 20% Weekly, Is a Breakout Imminent? Three Things to Watch (Solana Price Analysis)
Solana appears keen to move higher after this most recent correction.
Key Support levels: $78
Key Resistance levels: $104, $126
1. Buyers Return
Solana made a bullish cross this week, and the price shot up. If this momentum continues, then a breakout becomes likely. The resistance at $104 is the only thing left before SOL moves to new highs.
2. Breakout Imminent?
Yesterday, the price attempted to break above $104, but after a brief escape, sellers returned to push SOL back under the key resistance. Nevertheless, this is a bullish signal showing buyers mean business.
3. MACD Bullish Cross Confirmed
The daily MACD did a bullish cross on Monday, and the histogram made another high today. This confirms a bullish bias, and higher levels are likely.
Bias
The bias for SOL is bullish.
Short-Term Prediction for SOL Price
The resistance at $104 may not be able to stop this buying pressure for long. If it breaks above, Solana has the path open to $126, which was the previous high.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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