Solana (SOL) Breakout Setup Strengthens As Bulls Regain Full Control

The pair could extend gains if it clears the 96.50 resistance zone. Solana Price Starts Fresh Surge Solana price started a decent increase after it settled above the 88 zone, outperforming Bitcoin and Ethereum. SOL climbed above the 92 level to enter a short-term positive zone. The price even smashed the 95 resistance. A high was formed at 96.85, and the price is now consolidating gains. There was a minor decline toward the 23.6 Fib retracement level of the recent upward move from the 87.61 swing low to the 96.85 high. Solana is now trading above 92 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at 92.20 on the hourly chart of the SOL/USD pair. On the upside, the price is facing resistance near 96.20. The next major resistance is near the 96.50 level. The main resistance could be 98. A successful close above the 98 resistance zone could set the pace for another steady increase. The next key resistance is 102. Any more gains might send the price toward the 105 level. Downside Correction In SOL? If SOL fails to rise above the 96.50 resistance, it could start another decline. Initial support on the downside is near the 94.00 zone. The first major support is near the 92.20 level, the trend line, and the 50 Fib retracement level of the recent upward move from the 87.61 swing low to the 96.85 high. A break below the 92.20 level might send the price toward the 90 support zone. If there is a close below the 90 support, the price could decline toward the 88 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – 94.00 and 92.20 Major Resistance Levels – 96.50 and 98.00.