Solana (SOL) is one of the most crucial players in crypto. Its recent market movements have kept many on the edge, with SOL attempting to break free from the $100 zone. The burning question on everyone’s mind is whether Solana can sustain its upward momentum and secure a position above the crucial $150 mark.

The Current Scenario

SOL went on a heavy decline after facing resistance at the $106 level, similar to Bitcoin’s struggles around $43,800. The setback resulted in a dip below the $102 and $100 support levels, compounded by a break in a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair.
However, demonstrating resilience, the bulls rallied near the $92 level, supported by the 100 simple moving average (4 hours). Currently, SOL is trying to stay above $95 and build momentum for another push upwards.

Key Resistance Levels

SOL aims to overcome the $100 resistance, which is a critical level.
This may form a bullish trend and make $104 the next significant obstacle. This level corresponds to the 76.4% Fibonacci retracement level from the recent drop from $106.41 to $92.95.

A Breakthrough and Beyond

If SOL can close above the $104 resistance, the price may go even higher. Traders are closely watching the $132 mark as the following resistance level, and any further gains might propel SOL toward the coveted $150 level.

The Downside Scenario

While there’s plenty of optimism around Solana’s price potential., the crypto market is known for its unpredictability. If it fails to reach the $100 resistance, this may lead to another dump.
Initial support is around the $92 level and the 100 simple moving average (4 hours), with $90 being the first support. A drop below this level could retest $85, and a close below $85 might open the door to a dump towards the $78 support.

Technical Indicators

Examining technical indicators, the 4-hour MACD for SOL/USD is gaining pace in the bullish zone, instilling confidence in the potential for an upward movement. The 4-hour RSI (Relative Strength Index) is also above 50, signalling positive strength in SOL’s current position.
As Solana continues its journey in the crypto market, the spotlight remains on its ability to navigate key resistance levels. Traders closely monitor developments around $100 and $104, recognizing that a breakthrough or failure at these levels could shape SOL’s near-term trajectory.

Another 10% Plunge, Solana (SOL) Price Could be Ready for a 20% Surge

In a surprising move, many tokens have experienced a fine rise during the past weekend, and as a result, tokens like Sapphire Network, Oasis Network, Terra Classic, etc. have gained traders’ attention while Flare, Chainlink, Bittensor, Render Token, and Bitcoin fail to gain their attention. In the meantime, Solana, the top fifth token, has plunged below $100 following a significant rise in bearish momentum. While the token begins the fresh weekly trade on a bearish note, more upward pressure is expected to mount in the coming days.

Solana prices have been consistently rising ever since the trade broke above the consolidation zone back in October 2023. Regardless of the gigantic pullback from the interim highs above $126, the price has displayed strength as it appears to be self-assured to achieve greater highs. Nevertheless, a minor and last pullback may hinder the progress of the rally for a while, beyond which the SOL price may form new highs for the year close to $130. 
The SOL price appears to have faced yet another rejection from the interim highs above $100 at $104. The bears have tried frequently to drag the price below the ascending trend line. However, the bullish action has prevented it from doing so, but soon the anticipated action could happen, which may eliminate the shorts. Moreover, the RSI is showing signs of deviating towards the south. Hence, a minor pullback to the 0.618 FIB levels could be on the cards after facing rejection from the 0.786 FIB levels.
Besides, the markets have been displaying strength as the Bitcoin price maintains trade around $43,000. After breaking out of the descending channel, the Solana price is believed to hold significant strength. But the bulls are falling short of strength at the moment, due to which the price has failed to leap long after the rebound. Hence, by the end of the quarter, the SOL price is believed to rise and achieve levels beyond $130.

Solana (SOL) And Ethereum (ETH) Regains Bullish Momentum While Pullix (PLX) Influence Investors’ Anticipation As It Announces Launch Date

Author: Bridgit Murphy Last Updated Feb 5, 2024 @ 11:55
Lately, the cryptocurrency market is rallying, with Solana (SOL) standing out and gaining over $2 billion in a day amid the industry’s overall $1.65 trillion market cap surge. In contributing to this ongoing crypto rally Ethereum token is also gaining significantly as it sells over $100 higher.
Meanwhile, another crypto coin, Pullix, is aiming to take substantial space in the spotlight, by introducing a platform uniquely designed to tackle liquidity problems that DeFi and CeFi often face. The project is set to launch in 30 days.

Solana Coin (SOL) Performing Decently

Solana’s market capitalization surged from $41.79 billion to $44.20 billion in just 24 hours, marking a 6.61% growth of $2.41 billion, as per recent CoinMarketCap data. SOL has since declined a bit and is trading at a very minimal loss on the weekly chart.
This performance aligns with its heightened network activity, reaching a multi-year high of $1 trillion in transaction volume in January, a 30% increase since December, reminiscent of levels last seen in September 2022.
Solana’s price is currently holding above a weekly range of $91 to $104; however, some crypto analysts think it has the potential to appreciate substantially this year.

Ethereum Token (ETH) Is Holding Strongly Above $2,300 On a Bullish Spree

Ethereum price holds a solid value as a good crypto to buy, thanks to its resilient and powerhouse ecosystem that attracts value over time. Ethereum is finally trading above $2,300 as it has gained over 2.4% in the past 7 days.
It just recorded over 2.08% in market cap, increasing it to a current price of $277.9 billion. Currently, Ethereum has not been able to recover from its TVL loss; however, in due time, the network is anticipated to see higher gains, potentially increasing its trading volume.

Users Eye Pullix (PLX) As It Announces Launch Date

Publix (PLX), currently in the final two stages of its presale, is gearing up for a significant milestone, with its platform set to launch once the presale is finished. The hybrid exchange, along with its native PLX token, has gained significant traction, impressively raising $4.8 million during the presale.
One notable aspect contributing to its appeal is the substantial user base, which has now added over 15,000 individuals who actively engage with the platform. Besides, Pullix distinguishes itself by implementing a Profit Share Model, providing users with a unique incentive structure. However, the main quirk of the platform lies in its ability to solve liquidity issues that are predominant among online exchanges.
In particular, Pullix is forging its course in online trading by offering a unique hybrid trading platform that cleverly combines the best elements from centralized (CEX) and decentralized (DEX) exchanges. Its goal is to offer worldwide traders abundant liquidity, an impressive 1000:1 leverage, and a self-custodial portfolio management system while ensuring a comprehensive and user-friendly trading experience.
Currently priced at $0.10, the native PLX token will see its launch in about 30 days. With at least one more stage remaining and a dynamic pricing model that raises the token price with each new stage, the project is one to watch.
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