fxs_header_sponsor_anchor

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:

  1. 50% Fibonacci retracement at $92
  2. 2022 Volume Point Of Control at $93
  3. Kijun-Sen at $99.
  4. 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.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.