Solana started a fresh increase above the $85 zone. SOL price is now consolidating near $87 and might aim for more gains above the $90 zone.
- SOL price started a fresh upward move above the $82 and $85 levels against the US Dollar.
- The price is now trading above $85 and the 100-hourly simple moving average.
- There was a break above a bearish trend line with resistance at $83.60 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $88 resistance zone.
Solana Price Starts Fresh Recovery Wave
Solana price started a decent increase after it settled above the $82 zone, like Bitcoin and Ethereum. SOL climbed above the $85 level to enter a short-term positive zone.
Earlier, there was a break above a bearish trend line with resistance at $83.60 on the hourly chart of the SOL/USD pair. The price even smashed the $86 resistance. A high was formed at $86.85, and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $81.32 swing low to the $86.85 high.
Solana is now trading above $85 and the 100-hourly simple moving average. On the upside, the price is facing resistance near $86.80. The next major resistance is near the $88 level. The main resistance could be $92. A successful close above the $92 resistance zone could set the pace for another steady increase. The next key resistance is $100. Any more gains might send the price toward the $102 level.
Downside Correction In SOL?
If SOL fails to rise above the $88 resistance, it could start another decline. Initial support on the downside is near the $85.50 zone. The first major support is near the $84.00 level and the 50% Fib retracement level of the recent upward move from the $81.32 swing low to the $86.85 high.
A break below the $84.00 level might send the price toward the $82 support zone. If there is a close below the $82 support, the price could decline toward the $76.50 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $85.50 and $84.00
Major Resistance Levels – $88.00 and $90.00.
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Bitcoin exchange, River released a new commercial lauding Bitcoin’s value against fiat as a result of government’s policies. The web3 community has often tipped the asset as a hedge against inflation amid present macroeconomic conditions. The price jump in Bitcoin this year has led stakeholders to restate positions that the asset is a store of value.
River Blast Inflation-Ridden Fiat
River Finance praised Bitcoin as the alternative to inflation in a new advert. According to the commercial, inflation is a hidden tax on money that drives up consumer prices. As a result, rent, food, gas, etc have increased over time reducing people’s purchasing power.
“While you are carefully managing your budget, the government is not and keeps spending more to pay off their loans. To afford all that, they create more money which waters down the value of your money and lets you buy less in the future.”
Per the ad, the United States dollar has lost 97% of its value in the last 100 years. This has become a mainstream issue in recent years with the Federal Reserve closely monitoring inflation and hiking interest rates. On a global level, inflation has gripped several countries with figures hitting double digits annually.
River informed its users of the potential of avoiding inflation on their savings through Bitcoin. This is because governments cannot print more Bitcoin as there are only 21 million coins.
“You can save for the future, and build the life you have always wanted. This money is called Bitcoin…Bitcoin is not about getting rich quickly, it’s about not getting poor slowly through inflation.”
Bitcoin As a Store of Value
Bitcoin holders have tipped the asset as a store of value amid inflation and its increasing price. The significant gains in price have also spurred a wider market adoption. This year, Bitcoin price hit a new all-time high above $73,000 following surging spot ETF inflows. Although the price faces corrections, bulls hint at a wider gain as sentiments flip.
Also Read: GameStop Stock Plummets 41% Amid Roaring Kitty Livestream
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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