Solana Tests ₱5,858 ($98) After 5% Rally From ₱5,619 ($94)
Solana's price momentum has accelerated after finding support near the ₱5,619 ($94) bullish trend line on the hourly chart. With resistance ahead at $95 and $98, breaking through could open a path to $100.
Key Takeaway
Solana's $94 support held, but breaking $95 resistance is key to reaching $100.
SOL held support at a bullish trend line near $94 on the hourly chart according to data from Kraken, triggering a 5% rally to a high of $97.67 before pulling back.
The price now trades above the 100-hourly simple moving average. Momentum is facing resistance near the $95 level, with the hourly MACD losing pace in the bullish zone even as the RSI remains above 50.
Breaking through $95 opens the door to $98, the next major resistance zone. A clear move above that level could push SOL toward $100, with further gains potentially sending the price to $105 or even $112.
On the downside, initial support sits near $94. The first major support level is at $92, which aligns with the 50% Fibonacci retracement level from the $86.54 swing low to the $97.67 high. A break below $92 could send SOL toward the $88 support zone, with the next support level at $82.
Solana's recent price action comes as the network prepares for infrastructure upgrades that could boost transaction speeds beyond 1 million per second and reduce finality to below 150 milliseconds with the Firedancer upgrade. SoFi enabled native Solana network deposits on February 27, allowing its 13 million customers to transfer SOL directly from external wallets.
This article was written based on reporting from NewsBTC.
