Solana’s Wacky Ride: Will It Crash Through the $120 Wall or Just Bounce Off? 🤔💥

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Well now, it appears our old friend Solana has decided to play a game of hopscotch, starting its latest escapade from the cozy confines of the $100 support zone. As we gaze upon this curious spectacle, it seems the price is pondering upon its next move, though it may find that $120 is more formidable than a bull at a gate of a cattle ranch.

  • Like a morning sun rising after a rather raucous night, SOL has pushed its way past the $105 and $112 thresholds, against that ever-persistent US Dollar.
  • This shiny digital coin is now strutting about, lingering comfortably above $105 and the 100-hourly simple moving average, when it ought to be finishing its breakfast.
  • In a dramatic twist, there appears to be a break above a previously gloomy bearish trend line at $107, as the hourly chart of the SOL/USD pair reveals (thanks, Kraken—you’re a peach!).
  • If this audacious pair manages to tussle its way past the $120 resistance, we might see a new dance routine unfolding.

Price Gains Like Gravy on a Biscuits

Lo and behold! Solana has managed to muster enough gumption to form a veritable foundation above the $100 barricade, much like its noble counterparts Bitcoin and Ethereum. With a little grit, it has navigated the waters above $110 and $112.

Of course, the price has made quite a fuss as it shattered a bearish trend line at $107. In a gallant leap, it even soared toward the $120 resistance zone, achieving a dizzying height of $120.10 before deciding a swift retreat was in order.

As fortune would have it, the price took a nosedive below the 23.6% Fib retracement level, from a lowly $101.24 to that high-flying $120.10. Not to worry, though—Solana is still strutting above $105 and the 100-hourly simple moving average like the resilient creature it is.

Looking to the heavens, there’s a pesky cloud of resistance hovering ’round the $118 mark. The next adversary in this saga is a fierce $120, but lest we forget, the big baddie at $125 could send us reeling if Solana decides to close above that with any measure of aplomb. Another hurdle at $132 may well be waiting in the wings, with dreams of $140 dancing on the horizon.

Is Another Plunge on the Menu? 🍽️

If Solana can’t muster the steam to breach that $118 blockade, prepare for a return trip to lower lands. The initial pitstop, perhaps, will find it languishing near the $112 area. A significant support awaits at the $110 level, along with the 50% Fib retracement level—an old friend from previous escapades.

Should it cacophanously break below $110, one can expect a sojourn toward the $105 domain. Should it bid a sad farewell to the $105 support, the $100 sanctuary might soon become its only refuge.

Technical Indicators

Hourly MACD – Our trusty MACD for SOL/USD appears to be losing steam in this bullish escapade.

Hourly RSI (Relative Strength Index) – It’s still kicking above the 50 mark, so don’t put the cart before the horse just yet.

Major Support Levels – Keep an eye on $112 and $110.

Major Resistance Levels – $118 and a snarly $120 await with bated breath.

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2025-04-10 09:48