Crypto: Solana Surprises Investors with a 10% Increase

Recently, the movements of SOL, the native cryptocurrency of Solana, have been making headlines. The asset’s price plummeted after a series of notable increases in recent weeks. The situation was such that some believed Solana was undergoing the beginnings of a correction. However, a recent upward movement puts all these speculations into perspective.

The Native Cryptocurrency of Solana Breaks the Fibonacci Retracement Level

SOL, the native cryptocurrency of Solana, surprises once again with an unexpected increase in its price. It has recorded an impressive surge of more than 10.49 % in the last 24 hours. A surge that demonstrates the strong momentum of the cryptocurrency.

This rise follows a new rally that started above the crucial resistance level of 100 dollars. This, while a few days ago, an unexpected drop in the crypto’s valuation raised doubts about SOL’s short-term performance.

Ultimately, the asset somewhat defied predictions, much to the delight of its users. As evidenced by its price, which rose from around 100 dollars to 115 dollars. A dynamic that could continue as the cryptocurrency has gained 0.33 % over the past hour.

In any case, this new dynamic constitutes a remarkable bullish movement. But it’s a very particular trend. It breaks the 50 % Fibonacci retracement level of the downward movement between the high (126.13 dollars) and the low (93.50 dollars).

SOL Price Surges 10% As Solana Bulls Aim New High Above $125 pic.twitter.com/VZD3MNTxrs

— shahzadgill (@Shahzad35088757) January 2, 2024

Towards a New Explosion in the SOL Price?

SOL is currently trading around 115 dollars. By reaching this level, Solana’s native cryptocurrency seems to have broken through the immediate first resistance located around 114 dollars. Now, the asset is heading towards other targets.

In this dynamic, analysts believe that the first major obstacle should be the 118 dollar level. This represents the 76.4 % Fibonacci retracement level, with a primary resistance located around 125 dollars.

For analysts, a successful close above this level could catalyze a substantial rally, with the next key resistance located at 138 dollars. New gains could then propel the SOL cryptocurrency towards the 145 dollar level.

Conversely, a failure to surpass the 118 dollar resistance level could trigger a downward correction. Worse, a break below 100 dollars would lead to a test of the 94 dollar support. If this is breached, the price of Solana’s native cryptocurrency could then decline in the short term, towards the 80 dollar support.