After dipping under the $100 mark over the previous couple of days, Solana (SOL) has managed to rebound. The coin has surged previous this essential psychological mark, and it’s probably that the momentum we have now seen will proceed within the days forward. Here 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 current days that might convey extra returns.
Data Source: TradingviewÂ
How lengthy can SOL keep above $100
The $100 mark has usually been an important psychological mark for SOL bulls. In reality, it was an enormous aid to see the coin surge previous it. But how lengthy can SOL keep above this? Well, it is going to depend upon a number of essential elements. First, the current surge has allowed the altcoin to maneuver previous the essential resistance zone of $105.Â
The objective for bulls will now be to transform this resistance to assist. If SOL can shut the day above $105, then it’s probably that we’ll see a sustained interval above $100. At the second, SOL is barely above this worth, having gained round 7% during the last 24 hours.Â
Despite this, downside dangers still stay. If SOL falls under $105 and fails to search out any leg up, we may see extra weak point comply with in. Ultimately, the coin will backside on the subsequent assist of $95 earlier than making an attempt to rise once more.
Why is SOL a very good purchase now?
Well, even with the short-term downside risk that SOL faces, it still remains a reasonably respectable altcoin to purchase. Any long-term crypto investor ought to take into account Solana critically. But for the brief time period, in the event you don’t need to take any risk, wait a couple of days to see how the altcoin holds up above $105.
