After dipping beneath the $100 mark over the previous few days, Solana (SOL) has managed to rebound. The coin has surged previous this essential psychological mark, and it’s seemingly that the momentum we’ve got seen will proceed within the days forward. Listed below are the principle takeaways:
-
Solana (SOL) is seeking to set up a decisive bullish breakout.
-
The coin is predicted to check its 100-day SMA
-
It has established a bullish pattern line in latest days that would deliver extra returns.
Knowledge Supply: Tradingview
How lengthy can SOL keep above $100
The $100 mark has typically been crucial psychological mark for SOL bulls. Actually, it was an enormous reduction to see the coin surge previous it. However how lengthy can SOL keep above this? Effectively, it’ll rely on a number of essential components. First, the latest surge has allowed the altcoin to maneuver previous the essential resistance zone of $105.
The aim for bulls will now be to transform this resistance to assist. If SOL can shut the day above $105, then it’s seemingly that we’ll see a sustained interval above $100. In the meanwhile, SOL is barely above this worth, having gained round 7% during the last 24 hours.
Regardless of this, draw back dangers nonetheless stay. If SOL falls beneath $105 and fails to seek out any leg up, we might see extra weak spot comply with in. Finally, the coin will backside on the subsequent assist of $95 earlier than trying to rise once more.
Why is SOL an excellent purchase now?
Effectively, even with the short-term draw back threat that SOL faces, it nonetheless stays a reasonably first rate altcoin to purchase. Any long-term crypto investor ought to think about Solana significantly. However for the brief time period, in the event you don’t wish to take any threat, wait just a few days to see how the altcoin holds up above $105.