Solana Price Resurges, Here Its Latest Bullish Target

Solana, known for its speed and efficiency in the blockchain world, has witnessed an impressive spike, with its price rising by over 10 percent in a single day. This surge not only signifies a recovery but also highlights Solana's performance against its more prominent counterparts, Bitcoin and Ethereum.

News BTC reports that the latest upward trajectory in Solana's price can be linked to several key technical breakthroughs, most notably its climb above the 50 percent Fibonacci retracement level.

Strengthening investor confidence, SOL has also successfully freed itself from the contracting triangle pattern on its 4-hour chart against the US dollar. This pattern, with resistance near US$104, represents a critical point for the crypto. Overcoming this has paved the way for a stronger uptrend.

Currently, SOL is trading above the US$105 level and, importantly, above the 100-period SMA indicator on the 4-hour chart. This position is a bullish signal for market observers and investors.

Looking ahead, SOL faces immediate resistance near the US$114 mark. The next significant resistance is perceived around the US$118 level, aligning with the 76.4 % (percent) Fibonacci retracement from the previous drop from the high of US$126.13 to the low of US$93.50.

A convincing breakthrough above this level could trigger a significant rally in Solana's price, potentially propelling it towards the next significant resistance near US$138. Beyond this, further gains could push SOL towards the US$145 mark, a level not seen in recent times.

However, the inherent volatility in the crypto market requires a cautious approach. If Solana struggles to maintain its momentum above the US$118 resistance, there is potential for a corrective downturn. In such a scenario, the nearest support is projected around the US$108 level.

More critical is the support near the US$100 mark, coinciding with the 100-period SMA indicator on the 4-hour chart. A breakdown below this crucial level could see SOL testing the US$94 support.

Closing below this support could trigger a steeper decline, potentially dragging its price down towards the short-term support at US$80.

The resurgence in the Solana cryptocurrency price occurs amidst the dynamic and evolving context of the crypto market. Factors contributing to these fluctuations include global economic trends, regulatory news, and technological advancements in the blockchain sector.

As Solana continues its journey, the community and investors are closely monitoring its performance. The coin's ability to sustain above key technical levels will be crucial in determining its short-term trajectory.

Meanwhile, its long-term prospects remain a topic of debate and speculation within the crypto community.