Solana Maintains Bullish Momentum Ahead of $90 Resistance...A Real Surge if 'Here' is Crossed

▲ Solana (SOL)

Solana (SOL) is continuing its short-term bullish trend after surpassing the $86 range. The price is consolidating gains around $88, and analysis suggests that a further upward trend could open up if the $90 resistance line is broken.

According to crypto media outlet NewsBTC on May 7 (local time), Solana entered a short-term positive zone after successively breaking past the $85 and $86 ranges. The current price is moving above $86 and the 100-hour simple moving average, and an ascending trend line with support around $87.40 has formed on the SOL/USD hourly chart based on Kraken.

Solana began its upward trend after settling above $85, and after breaking $86, it even surpassed the $88 resistance line. Subsequently, it formed a high at $89.95 and then entered a phase of consolidating its gains. The price slightly dipped below the Fibonacci 23.6% retracement line of the upward range from the $83.27 low to the $89.95 high.

NewsBTC reported that if Solana attempts to rise again, it could face resistance around $89. The next major resistance line is $90, and the key resistance line is suggested to be $92. If the closing price forms above the $92 resistance zone, a further upward trend could continue, and the next key resistance line is analyzed to be $100. If the uptrend expands further, Solana could head towards $102.

Conversely, if Solana fails to break the $90 resistance line, it could enter a downward correction again. The initial support on the downside is $87.40, and the first major support line is suggested to be $85.80. This zone coincides with the Fibonacci 61.8% retracement line of the upward range from the $83.27 low to the $89.95 high.

If it falls below $85.80, Solana could head towards the $83.20 support zone. If the closing price forms below $82, there is a possibility of a short-term drop to the $76.50 support line. The hourly Moving Average Convergence Divergence (MACD) indicator is losing momentum in the bullish zone, and the hourly Relative Strength Index (RSI) remained around the 50-line.

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