Crypto: Solana surprises investors with 10% rise

The movements of SOL, Solan’s native cryptocurrency, have generated a lot of talk lately. The asset’s price fell after a series of notable gains in recent weeks. The situation was such that some felt that Solana was going through the beginnings of a correction. But the final move up puts all that speculation to rest.

Solana's SOL crypto

Native cryptocurrency Solana broke the Fibonacci retracement level

SOL, Solana’s native crypto, surprises again with an unexpected increase in its price. It has seen an impressive increase of more than 10.49% in the last 24 hours. A sharp increase that demonstrates the strong momentum of cryptocurrencies.

This rally follows a new rally initiated above the crucial $100 resistance. This, while a few days ago, an unexpected drop in cryptocurrency valuations has cast doubt on SOL’s performance in the short term.

Much to the delight of users, the asset ended up somewhat defying predictions. As evidenced by its price, which has risen from around $100 to $115. A momentum that could continue as the crypto gained 0.33% in the last hour.

In any case, this new dynamic represents a remarkable upward movement. But this is a very specific trend. It breaks the 50% Fibonacci retracement level of the move down from the high ($126.13) to the low ($93.50).

SOL crypto sees impressive growth, breaking the $100 resistance and heading for new highs

Towards a new SOL price explosion?

SOL is currently trading around $115. After reaching this level, the native crypto Solana seems to have broken the first immediate resistance located around $114. From now on, the asset goes to other goals.

In this dynamic, analysts believe that the first major hurdle should be $118. This represents the 76.4% Fibonacci retracement level for primary resistance located around $125.

For analysts, a successful close above this level could catalyze a significant rally with the next key resistance at $138. Further gains could then push crypto SOL towards the $145 level.

Conversely, failure to break above the $118 resistance level could trigger a downward correction. Worse, a break below $100 would lead to a test of $94 support. If broken, Solana’s native crypto price could then drop towards the $80 support in the short term.

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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.

DISCLAIMER OF LIABILITY

The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.

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