Solana started a recent rally above the $92 zone. SOL price is currently consolidating near $95 and may seek further gains above the $98 zone.

• SOL price started a recent upward move above the levels of $92 and $95 against the US dollar.
• The price is currently above $92 and the 100-hour straightforward moving average.
• A bullish trend line is forming on the hourly chart of the SOL/USD pair with support at USD 94 (data source from Kraken).
• The pair could continue its gains if it clears the resistance zone at $98.

Solana prices augment by over 5%

Solana price started a decent rally after settling above the $88 zone, similar to Bitcoin and Ethereum. SOL climbed above the $92 level, entering the short-term positive zone.

The price even broke through the resistance at $95. The maximum was formed at $97.67 and the price is currently consolidating its increases. There has been a slight decline below the 23.6% Fib retracement level resulting from the recent upward move from a low of $86.54 to a high of $97.67.

Solana is currently trading above $92 and the 100-hour straightforward moving average. Additionally, a bullish trend line is forming on the hourly chart of the SOL/USD pair with support at USD 94.

On the other hand, the price is facing resistance near $95. The next major resistance is near the $98 level. The main resistance could be $100. A successful close above the $100 resistance zone could set the pace for further sustained growth. The next key resistance is $105. Any further gains could push the price towards the $112 level.

Correction of declines in SOL?

If SOL fails to break above the resistance at $98, another decline could begin. Initial downside support is located near the $94 zone. The first major support is located near the $92 level and the 50% Fib retracement level resulting from the recent upward move from the low of $86.54 to the high of $97.67.

A break below the $92 level could push the price towards the $88 support zone. If a close occurs below the $88 support, the price could drop towards the $82 support in the near future.

Technical indicators

Hourly MACD – MACD for SOL/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major support levels – $94.00 and $92.00

Major resistance levels – $95.00 and $98.00.