Solana

Bitcoin

<p>Solana (<a href="https://www.cryptopolitan.com/solana-ethereum-interest-december-2023/" rel="noopener noreferrer nofollow">SOL</a>), one of the leading cryptocurrencies, has witnessed a significant surge in its price, outperforming popular digital assets like Bitcoin and Ethereum. The cryptocurrency recently found support near the $93.50 level after a downside correction and has since formed a base for a fresh upward move. Today, SOL is trading over 10% higher, breaking through several key resistance levels.</p>
<h2 class="wp-block-heading" id="breaking-resistance-and-technical-analysis">Breaking resistance and technical analysis</h2>
<p>Solana’s recent price action has been characterized by a strong upward momentum. The cryptocurrency managed to break above the $100 resistance level, which is considered a significant milestone.&nbsp;</p>
<p>This move was supported by technical analysis, including the breach of the 50% Fibonacci retracement level of the previous downward move from a swing high of $126.13 to the low of $93.50.</p>
<p>Moreover, a crucial development took place on the 4-hour chart of the SOL/USD trading pair, where a key contracting triangle was successfully broken. The triangle had resistance near the $104 mark, and SOL managed to overcome it.&nbsp;</p>
<p>Currently, SOL is trading above $105 and is comfortably positioned above the 100 simple moving average (4 hours).</p>
<h2 class="wp-block-heading" id="immediate-resistance-and-upside-potential">Immediate resistance and upside potential</h2>
<p>With SOL’s recent surge, traders and investors are closely monitoring the <a href="https://www.cryptopolitan.com/binance-ceo-unveils-bold-market-predictions/" rel="noopener noreferrer nofollow">cryptocurrency’s </a>potential to sustain and extend its gains. In the short term, immediate resistance is expected near the $114 level. However, the first major resistance lies around $118, which corresponds to the 76.4% Fibonacci retracement level of the previous downward move from $126.13 to $93.50.</p>
<p>The primary resistance level to watch is around $125. A successful close above this level could pave the way for another major rally in SOL’s price. Should the bullish momentum persist, the next significant resistance is anticipated around $138, with further potential gains taking SOL toward the $145 level.</p>
<h2 class="wp-block-heading" id="potential-downside-correction-and-support-levels">Potential downside correction and support levels</h2>
<p>As with any volatile asset, there is the possibility of a downside correction if SOL fails to maintain its current upward trajectory. In such a scenario, the initial support on the downside can be expected near the $108 level. This level has historical significance in Solana’s price movements and could serve as a crucial support point.</p>
<p>Further down, the $100 level and the 100 simple moving average (4 hours) represent essential support levels. A breach below these levels could expose SOL to further downside pressure, potentially leading to a test of the $94 support. A close below $94 might result in a decline toward the $80 support level in the near term.</p>

Solana (SOL) surges over 10% as it breaks key resistance levels

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