Watch These Three Things as SOL Explodes 7% Despite Network Crash and Restart (Solana Price Analysis)

08.02.2024 / Payment system news

After a brief pullback, Solana is back under the key resistance. Will it break?

Key Support levels: $78

Key Resistance levels: $104, $126

1. Key Resistance under Pressure

The resistance at $104 is the only thing stopping buyers from taking Solana much higher. Sellers are starting to show weakness and bulls have a good chance to break above this level.

Chart by TradingView

2. Breakout Imminent?

In the past three days, buyers dominated the chart and closed each daily candle in green. Another push today could quickly see Solana break the resistance. Momentum also favors the bulls.

Chart by TradingView

3. MACD Picking Up Speed

After a bullish cross in late January, the daily MACD is again making higher highs on its histogram. If this continues, a breakout appears imminent. The RSI is also above 50 on the daily timeframe which favors bulls.

Chart by TradingView

Bias

The bias for SOL is bullish.

Short-Term Prediction for SOL Price

A breakout above $104 appears likely. If buyers turn this level into support, SOL will have a clear path to higher levels, with $126 being the next key target.

It’s worth noting that all of the above happened despite the major downtime in Solana’s network yesterday.

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