Solana has started a fresh upward move above the $90 level. The price is now consolidating and could aim for further gains above $96.
SOL began a new rise above $90 and $92 against the US dollar. It is now trading above $92 and the 100-hourly simple moving average. A bullish trend line is forming with support at $92.20 on the hourly chart of the SOL/USD pair (data from Kraken). If it breaks through the $96.50 resistance, the pair could extend its gains.
Solana Price Starts Fresh Surge
After holding above $88, Solana saw a decent increase, outperforming Bitcoin and Ethereum. It climbed above $92 and entered a short-term positive zone, even breaking through the $95 resistance. A high was reached at $96.85, and the price is now consolidating those gains. There was a small drop to the 23.6% Fibonacci retracement level of the recent move from the $87.61 low to the $96.85 high.
Solana is now trading above $92 and the 100-hourly simple moving average. A bullish trend line with support at $92.20 is also visible on the hourly chart. On the upside, resistance is near $96.20, with the next major level at $96.50. The main resistance is $98. A close above $98 could lead to another steady increase, with the next key level at $102. Further gains might push the price toward $105.
Downside Correction in SOL?
If SOL fails to break above $96.50, it could start another decline. Initial support is near $94.00, with the first major support at $92.20—this aligns with the trend line and the 50% Fibonacci retracement level of the move from $87.61 to $96.85. A break below $92.20 could send the price toward $90. If it closes below $90, the price might drop to $88 in the near term.
Technical Indicators
– Hourly MACD: The MACD for SOL/USD is gaining momentum in bullish territory.
– Hourly RSI: The RSI is above 50.
– Major Support Levels: $94.00 and $92.20
– Major Resistance Levels: $96.50 and $98.00
Frequently Asked Questions
Here is a list of FAQs about Solana showing a stronger breakout setup as bulls take control broken down by beginner and advanced levels
BeginnerLevel Questions
1 What does bulls take control actually mean
It means that investors who believe the price will go up are currently more powerful than those who think it will go down This usually leads to a price increase
2 What is a breakout setup
Its a technical chart pattern that suggests the price is about to move sharply above a key resistance level Think of it like a spring being coiledthe setup is the coiling and the breakout is the spring releasing upward
3 Is this a good time to buy Solana
A strong breakout setup suggests momentum is positive but its never a guarantee Its a signal that bulls are confident but you should still do your own research and never invest more than you can afford to lose
4 How can I see this bullish control on a chart
Look for higher highs and higher lows over a period of days or weeks You might also see the price pushing against a flat resistance line multiple times before finally breaking through it with high trading volume
5 Does this mean Solana is better than Ethereum or Bitcoin right now
Not necessarily It just means Solanas shortterm price action looks strong Bitcoin and Ethereum have different market drivers A breakout setup on Solana doesnt make it inherently betterjust potentially more active in the short term
AdvancedLevel Questions
6 What specific technical indicators confirm a Solana breakout setup
Traders often look for a bullish flag or a cupandhandle pattern Key confirmations include
Volume spike on the breakout candle
RSI above 50 but not yet overbought
MACD crossing above its signal line
7 How does onchain data support this bulls in control narrative
You can check