The cryptocurrency market is a sea of green and Solana (SOL) isn’t left out of the bullish action. At the time of publication, Solana was trading at $101.90, up 10.58% in the last 24 hours and 13.52% over the past week as it sets to mark the third consecutive day in the green. Solana ranks 8th largest cryptocurrency with a present market cap of $33.2 billion. Krafton, the South Korean gaming giant founded by billionaire Chang Byung-Gyu, is expanding its tentacles into the cryptocurrency industry by collaborating with blockchain startup Solana Labs to develop play-to-earn crypto games. The company behind the popular Player Unknown’s Battlegrounds (PUBG) video game announced on Mar. 23 that it had signed a partnership agreement with Solana Labs to make blockchain games that allow players to earn NFTs (non-fungible tokens).
Key Levels
Resistance Levels: $145.00, $120.00, $105.00
Support Levels: $95.00, $80.00, $75.00
SOL/USD Daily Chart From lows of $77.74 on March 13, SOL/USD has risen modestly. Despite the little recovery, Solana is still trading in a $75.00-$105.00 consolidation range, well below the moving average (MA 200). The relative strength index (RSI) is rising vertically above the 50 neutral zones, matching the price activity.
On the chart, the MA 50 is the immediate support on SOL/USD. For a continuous rally, the price needs to overcome its downside potential. Meanwhile, SOL might find support at $93.50, just ahead of the $81.03 low. Early resistance could form from the $107 horizontal barrier ahead of Feb. 7 medium-term high. If buyers push over the nearby $106.47, it might aim for MA 200.
SOL/USD 4-Hour ChartFollowing a rebound on the near-term base of $81.03 on July 21, the SOL upside correction overtook the 4-hour moving averages (MA 50 & MA 200). Although the RSI is in bullish territory, the technical oscillator has recently slowed, indicating that the rally may be taking a break. As bullish crossings have happened between the 4-hour MA 50 and MA 200, the projected positive momentum stays in effect.
If buying activity remains strong beyond the $100.00 level, the bulls may test the $106.47 level before attempting to go after the MA 200 at $153.00. If the bears drag the price back below the $95.00 level; which has now turned support, the price might stall at the MA 50 at $91.50 before hitting the MA 200 at $88.50.
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