Solana bulls jump on positive crypto sentiment, but $100 remains elusive for SOL
|- Solana price and risk-on assets around the world hopeful on a resolution of Russia’s invasion of Ukraine.
- SOL struggles to break a strong resistance cluster near $92.
- Downside risks remain but are likely to decrease.
Solana price is riding the same momentum felt by cryptocurrencies, stocks, and other risk-on assets around the globe. A meeting between Russia and Ukraine in Belarus has given investors hope that a cessation of the current conflict in Ukraine may be coming to an end. Despite the bullish news and outlook, bulls find it challenging to reach the crucial $100 level.
Solana price continues to face rejection near the $100 level
More than most major cryptocurrencies, Solana price is unenviable and unfortunate, being very close to an important price level but unable to reach that level easily. A significant cluster of resistance must be broken before Solana can enter into a clear and established bull market:
- 50% Fibonacci retracement at $92
- 2022 Volume Point Of Control at $93
- Kijun-Sen at $99.
- Lower trendline of a bull flag (linear regression channel) at $100.
Adding to the bull’s frustration is the continued resistance above $100 at $110 (bottom of the Ichimoku Cloud, Senkou Span A), the 38.2% Fibonacci retracement at $112, and the 100% Fibonacci expansion at $116. This means that even if buyers can achieve a Solana price close at $100, upside potential could be limited or even reverse due to another collection of significant resistance levels.
SOL/USD Daily Ichimoku Kinko Hyo Chart
Solana price needs to achieve an Ideal Bullish Ichimoku Breakout to confirm a new and long-lasting uptrend. Unfortunately, that requires a close above the Ichimoku Cloud at or above $144 between today and March 13, 2022. It is entirely probable that bulls will be unable to achieve a close above the Ichimoku Cloud until the top of the Cloud reaches the $115 value area in a little over three weeks on March 23, 2022.
If bulls continue to fail at closing Solana price above the $100 price level, then another push and return to the 2022 low near $75 is highly probable.
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