Tue, November 12

Solana Breaks Above $100 Mark as Bull Make a Strong Comeback

Solana-based DePIN Protocol io.net Announces Rewards Program Ahead of Token Launch Editors News
  • At the time of writing, SOL is trading at $101.73, up 12.34% in the last 24 hours.
  • If the price manages to go past $110 level, then it will likely test $116 resistance level.

With the final applications for Bitcoin ETFs submitted to the United States SEC on Monday, January 8, the crypto market as a whole and Bitcoin in particular saw a significant rally. Moreover, altcoins like Solana (SOL) have seen a significant recovery.

Strong selling pressure has been plaguing SOL since the beginning of 2024. Consequently, Solana’s price plummeted all the way to $85.5 yesterday. However, SOL’s price made a solid comeback and is now trading above $100 with a 12.34% gain in the last 24 hours.

Since new trends indicate a possible increase in the price of Solana (SOL), cryptocurrency experts are keeping a careful eye on the moves. On the hourly chart, the experts have seen a bull flag formation, with $110 serving as the important resistance level. 

Significant Comeback

Crypto markets got off to a great start in 2024, with inflow investments exceeding $151 million in the first week as per a report from CoinShares. Even though SOL had a great year in 2023, it did not make a significant contribution to the recent funds.

At the time of writing, SOL is trading at $101.73, up 12.34% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 40.75%. 

Source: CoinMarketCap

If the price manages to go past $110 level, then it will likely climb further to test $116 resistance level. On the other hand, if the price manages to go below $96.5 level, then it will likely decline further to test $85.5 support level. Breaking below this level will likely see price testing $70.8 support level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.