SOL Breaks Above $110 but How High Can It Go? (Solana Price Analysis)

Key Points:

• Solana (SOL) has surged above the $110 level.
• The price is now trading well above the 100 simple moving average (4-hours).
• There is a key bullish trend line forming with support near $106 on the 4-hours chart of SOL/USD.
• The next major resistance is near the $120 level.

Recently, Solana (SOL) gained bullish momentum and broke the $100 resistance level against the US Dollar. SOL price even surged above the $110 level and settled well above the 100 simple moving average (4-hours).

It seems like the bulls are now aiming for a test of the $120 resistance level. A high is formed near $116 and the price is currently consolidating gains. An initial support is near the $112 level. The 23.6% Fib retracement level of the recent increase from the $103 swing low to $116 high is also near $112.

On the upside, the $116 and $120 levels are initial hurdles. A close above the $120 level could set the pace for a larger increase. The next major resistance is near the $135 level, above