After dipping under the $100 mark over the previous couple of days, Solana (SOL) has managed to rebound. The coin has surged previous this vital psychological mark, and it’s seemingly that the momentum we have now seen will proceed within the days forward. Listed here are the primary 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 development line in current days that might deliver extra returns.
Knowledge Supply: Tradingview
How lengthy can SOL keep above $100
The $100 mark has usually been crucial psychological mark for SOL bulls. In actual fact, it was an enormous reduction to see the coin surge previous it. However how lengthy can SOL keep above this? Effectively, it’s going to rely on a number of vital components. First, the current 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 help. If SOL can shut the day above $105, then it’s seemingly that we are going to see a sustained interval above $100. For the time being, SOL is barely above this worth, having gained round 7% over the past 24 hours.
Regardless of this, draw back dangers nonetheless stay. If SOL falls under $105 and fails to search out any leg up, we may see extra weak point comply with in. Finally, the coin will backside on the subsequent help of $95 earlier than trying to rise once more.
Why is SOL a very good purchase now?
Effectively, even with the short-term draw back danger 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, for those who don’t need to take any danger, wait a couple of days to see how the altcoin holds up above $105.