SOL Technical Analysis: Will Buying Spree Continue Above $100?

Key technical points:

Past Performance of SOL

The SOL coin price breaks above the long-coming resistance trendline, and the psychological barrier is $100 as the buying pressure increases with the $90 breakout. The uprising trend struggles to surpass the 100-day EMA as the daily candle shows higher price rejection with wick formation.

Source-Tradingview

SOL Technical Analysis 

SOL coin price shows a bullish recovery of 40% last fortnight, resulting in multiple bullish candles above the $100 mark. Moreover, the 90% jump in trading volume showcases growth in buying pressure.

The Solana market price outperforms the 50-day EMA but faces resistance from the 100-day EMA as it achieves bearish alignment after a crossover with the 200-day EMA. Hence, the increasing costs face solid supply near the EMAs.

RSI Indicator: The indicator shows a continuing hike in the underlying bullishness as the RSI slope continues a long-term uptrend shortly entering the overbought zone. Furthermore, the 14-day SMA continues the reversal trend above the halfway line.

MACD Indicator: The increasing intensity of the bullish histogram reflects a rise in bullish powers and projects a solid uptrend. Moreover, the MACD and signal lines continue the uptrend in a bullish alignment after surpassing the zero value.

In a nutshell, the SOL technical analysis reflects a high possibility of trend sustaining above the $100 mark.

Upcoming Trend 

The SOL coin price might approach the $150 mark with the 200-day EMA breakout, resulting in a rounding bottom breakout. Furthermore, the bullish crossover of the EMAs will strengthen the uptrend and help increase buying pressure.

Support Levels: $100 and $90

Resistance Levels: $118 and $150