Solana Maintains Bullish Momentum Ahead of $90 Resistance... A Real Surge If It Breaks 'Here'

▲ Solana (SOL)

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

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 levels. The current price is moving above $86 and the 100-hour Simple Moving Average, and an ascending trend line with support near $87.40 has formed on the SOL/USD hourly chart based on Kraken.

Solana settled above $85 and began an uptrend, then broke past $86 and even the $88 resistance level. Afterward, it formed a high at $89.95 and entered a phase of consolidating its gains. The price slightly pulled back below the 23.6% Fibonacci retracement level of the upward move from the $83.27 low to the $89.95 high.

NewsBTC reported that if Solana attempts another rise, it could face resistance near $89. The next major resistance is $90, with the key resistance level presented as $92. If the closing price forms above the $92 resistance zone, a further uptrend could continue, and the next key resistance is analyzed to be $100. If the uptrend expands further, Solana could target $102.

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

If it slips 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 decline to the $76.50 support level. The hourly Moving Average Convergence Divergence (MACD) is losing momentum in the bullish zone, and the hourly Relative Strength Index (RSI) remained near the 50 level.

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