Solana’s price surpasses $35 resistance, up 10%. Bullish trend forms, with potential to reach $38 resistance. Key support at $33.30.
Key Takeaways
- Solana’s SOL token has gained significant momentum, surpassing the $35 resistance against the US Dollar.
- SOL price is trading above $35 and the 100 simple moving average (4 hours), showing strength in its uptrend.
- A key bullish trend line has formed with support around $33.30 on the 4-hour chart.
- SOL is up nearly 10% and could potentially target the $38 resistance level in the coming days.
Solana Price Rallies 10%
Solana’s SOL token is experiencing a resurgence, with its price surging above the critical $35 resistance level against the US Dollar. This notable rally commenced when SOL broke through the $32 resistance, marking a significant uptrend.
At present, SOL is trading comfortably above $35 and is well-supported by the 100 simple moving average on the 4-hour chart. Additionally, a crucial bullish trend line has emerged, with support at approximately $33.30, reinforcing the positive sentiment surrounding the cryptocurrency (data source from Kraken).
SOL Price (Solana) Momentum Reignites: Indicators Signal Surge To $38https://t.co/Koe1lIUZzV
— John Morgan (@johnmorganFL) October 31, 2023
Over the past period, SOL has demonstrated substantial strength, outperforming both Bitcoin and Ethereum. The breakthrough above the $35 resistance zone has led to the establishment of a new multi-week high, reaching approximately $36.48. The current price action indicates consolidation of gains, maintaining levels above the 23.6% Fibonacci retracement level of the upward movement from the $32.34 swing low to the recent $36.48 high.
Are Dips Limited in SOL?
SOL’s remarkable performance includes its trading position above $35 and the 100 simple moving average (4 hours). Furthermore, the presence of a key bullish trend line on the 4-hour chart reinforces the bullish outlook for SOL/USD.
Solana’s recent price surge is a testament to the strength and resilience of the cryptocurrency market, as it outpaces other major assets. With the $38 resistance level in sight, SOL appears to have significant room for further upside potential. However, traders should remain cautious of potential pullbacks, with immediate support levels at $34.40 and $33.30.
The cryptocurrency’s ability to maintain its upward trajectory will likely depend on its ability to secure a successful close above the $36.80 resistance. A breakthrough beyond this level could pave the way for SOL to challenge the $40.00 threshold, marking a crucial milestone in its ongoing rally.
To Conclude
Nonetheless, market volatility remains a constant factor, and investors should closely monitor support levels to gauge SOL’s resilience in the face of potential downside corrections. The $33.30 support, along with the trend line zone and the 76.4% Fibonacci retracement level, will be pivotal in assessing SOL’s short-term price direction. A breach below these levels could see the cryptocurrency revisiting the $32.00 support level.
As SOL continues to make waves in the crypto space, traders and enthusiasts alike will be closely watching its journey toward the coveted $38 price target.
