Recently, the movements of SOL, Solana’s native crypto, have caused a lot of talk. The price of the asset has collapsed after a series of notable rises in recent weeks. The situation was such that some felt that Solana was undergoing the beginnings of a correction. But a final upward movement puts all these speculations into perspective.
Solana native crypto breaks Fibonacci retracement level
SOL, Solana’s native crypto, surprises once again with an unexpected increase in its price. The latter recorded an impressive increase of more than 10.49% in the last 24 hours. A surge that demonstrates the strong dynamics of crypto.
This increase follows a new rally initiated above the crucial $100 resistance. This, while a few days ago, an unexpected drop in the valuation of crypto cast doubt on the performance of SOL in the short term.
Ultimately, the asset somewhat defied the predictions, to the great delight of users. As evidenced by its price which increased from around 100 dollars to 115 dollars. A dynamic that could continue since the crypto gained 0.33% over the past hour.
In any case, this new dynamic constitutes a remarkable upward movement. But this is a very particular trend. It breaks the 50% Fibonacci retracement level of the downward move from the high ($126.13) to the low ($93.50).
Towards a new explosion in the price of SOL?
SOL is currently trading around $115. Upon reaching this level, the native crypto Solana, it seems, has broken the first immediate resistance located around $114. From now on, the asset is heading towards other objectives.
In this dynamic, analysts believe that the first major obstacle should be that of 118 dollars. This represents the Fibonacci retracement level of 76.4%, for primary resistance located around $125.
For analysts, a successful close above this level could catalyze a substantial rally, with the next key resistance at $138. Further gains could then propel the SOL crypto towards the $145 level.
Conversely, a failure to break above the $118 resistance level could trigger a downward correction. Worse, a break below $100 would lead to a test of the $94 support. If the latter is broken, the price of Solana’s native crypto could then fall in the short term, towards the $80 support.
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