Chart by TradingView
Solana broke the key resistance and is preparing for higher levels.
Key Support levels: $104
Key Resistance levels: $126
The resistance at $104 finally broke and the price managed to rally briefly to $110. Since then, Solana entered a pullback and is now testing $104 as support. If this level holds, then the price has a clear path higher.
The high from late December is the current target at $126. Sellers came in strong at that price level, but they may face a stiff battle from buyers this time around, especially if momentum continues to build up.
The two-day MACD has made a bullish cross and that signals a reversal in the momentum. If buyers continue to keep up the pressure, then this could turn into a sustained rally to higher levels.
The bias for SOL is bullish.
If Solana is successful in turning the $104 level into a key support, then bulls have a good chance to take the price to $126 next.
