After falling below the $100 mark in the past few days, solana managed to turn. The coin has crossed this important psychological mark, and it is likely that the momentum we have seen will continue in the days to come. Here are the main takeaways:
-
Solana (SOL) is looking to establish a decisive Bullish breakout.
-
The coin is expected to test the 100-day SMA
-
It has formed a bullish trend line in the recent past which could lead to higher returns.
Data Source: Tradingview
How long is SOL $100 . can stay above
The $100 mark has often been the most important psychological mark for SOL bulls. In fact, it was a great relief that the coin was seen tossed in the past. But how long can SOL stay above this? Well, it will depend on several important factors. Firstly, the recent surge has allowed the altcoin to move above the crucial $105 resistance area.
The bulls will now aim to convert this resistance into support. If SOL can close the day above $105, it is likely that we will see a sustained period above $100. At the moment, the SOL is slightly above this price, having gained about 7% over the past 24 hours.
Despite this, the downside risk still remains. If the SOL breaks below $105 and fails to find any legs above, we could see further weakness. Eventually, the coin will bottom out at the next support of $95 before attempting to rise again.
Why is SOL Now a Good Buy?
Well, despite the short-term downside risk of SOL, it still remains a fairly good altcoin to buy. Any long-term crypto investor should seriously consider Solana. But for the short term, if you don’t want to take any risks, wait a few days to see how the altcoin holds up above $105.