Solana Price Set at $100 as Crypto Markets Rise

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Solana price continues to hover above the S2 monthly support. The SOL price sees the RSI slowly breaking out of the RSI oversold zone. Expect a resumption of bullish sentiment once the Nasdaq confirms that risk will be the central theme this week.

Solana (SOL) price saw its bullish reversal stop on Sunday and is approaching the S2 monthly support level again at $89.28. Although ASIA PAC stocks and European indices are firmly in the green, the sentiment has yet to spill over to US futures and cryptocurrencies. Expect a rebound from the monthly S2 support level and look for a first test at $100 on the upside before continuing this week towards $130.70.

Solana bulls push RSI away from oversold zone

Solana’s price action saw bulls in good shape on Friday and Saturday, erasing some play and trying to reach $100 on the upside. Instead, the sharp rise stalled on Sunday as cryptocurrencies looked heavy again, with trading starting on Monday. Curiously, the most critical Asian and European indices are firmly in the green, where US futures are somewhat mixed and relatively stable during the European trading session.

Expect SOL price to stay around this S2 level as the Relative Strength Index (RSI) is still at or in an oversold zone, limiting any potential downside for the bears. This should help the bulls use this window of opportunity to go long and bounce off the S2 level at $89.28. Once US futures kick into high gear and pick up sentiment from Europe, expect a bullish move again, targeting $100 intraday and $130.70 for this week.

SOL/USD daily chart

On the downside, a break below the S2 support level would lead to a decline towards last week’s low around $82. If the European indices give up their gains and turn red, as well as the US futures contracts firmly in the red, expect to see another wave of selling, with a possible threat of a drop towards $58.84. With this move, the RSI would rise firmly above to be oversold.

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