Cryptocurrency News, Cryptocurrency Price Analysis

Solana (SOL) Overcomes $107, Eyeing $120 Next

 

The Solana-Krafton partnership and network updates continue to offer Solana price strength, $120 being the next target for SOL.

  • Solana experienced massive gains over the past couple of days, surging 5.20% on Sunday.
  • The new partnership with PUBG creator Krafton offered SOL support over the past week.
  • Technical indicators display bullishness, backing an upward move towards the $120 value region.

Solana was among the best performers on Sunday. The alt extended Saturday’s 3.18% surge with yesterday’s 5.20% increase, ending Sunday at $107.09. Bullishness at the end of the week had Solana striking a March peak of $107.44. Moreover, SOL gained 20.9% during the week ending 27 March.

The new Solana-Krafton partnership deal ensured upside support. Also, positive sentiment in the broad market backed SOL’s upside actions.

Solana Labs Deal with Krafton Drives SOL Demand

News about Krafton signing a strategic partnership with Solana Labs drove SOL back to $100 last week. Krafton is a recognized gaming developer that designed PUBG. Krafton will cooperate with Solana to revolutionize gaming with blockchain to introduce a web3 ecosystem.

Solana also has positive news this week. FTX and CoinShares plan to launch a Solana ETP. The Solana exchange-traded product will launch with seed capital worth 1 million in $SOL, offering reduced management costs and 3% staking rewards.

Solana Price Action

Solana traded around $108.81 at this publication. Choppy morning sessions saw Solana hitting $107.59, dropping to $105.69 before rising to its current value. The altcoin appears ready to explore more upswings in the up-and-coming sessions.

Solana should avoid the pivot of $104.5 to move towards the initial resistance zone at $110. Extended upward price actions would see Solana testing the 2nd massive resistance zone at $113 before exploring the hurdle around $115. Solana has its 3rd resistance area at $121.6.

Losing ground around the pivot area will see Solana exploring the initial massive support at $101.5. SOL should keep the sub-$100 level away, excluding continued sell-off. Meanwhile, the second dependable support barrier will showcase at $95.9.

The 4hr candle chart and EMAs display a bullish sign. For now, Solana stays beyond the 50-day exponential moving average at $97.32. Today’s early sessions saw 50-dayEMA pulling away from 200-dayEMA. Also, the 100-day converged on 200-dayEMA. An optimistic cross by 100-dayEMA through 200-dayEMA would see SOL at $115. Solana should steer well of sub-$100 and 50-dayEMA for a move to $120.

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