Solana Guns for $100 Barrier, Will Bulls Win the SOL?

Solana’s price is on the same wave as cryptocurrencies, stocks and other risky assets around the world. Investors are hopeful that the current war in Ukraine will come to an end after a Russia-Ukraine meeting in Belarus. Despite the positive news and outlook, bulls are finding it difficult to break the all-important $100 mark.

Solana almost $100

Earlier today, Solana hit a daily high of $96. The asset was one of the biggest winners of the day at the time, with gains of up to 6.4 percent.

The announcement of a world tour by the group behind the asset’s creation recently pushed the asset’s price up.

SOL/USD Daily Ichimoku Kinko Hyo Chart

The price of Solana, more than most major cryptocurrencies, is bleak and sad as it is quite close to an important price level but cannot reach it easily. Before Solana is allowed to enter a clear and established bull market, a significant cluster of resistance must be broken.

SOL/USD is trading near $100. Source: Trading Display

Continued resistance above $100 at $110 (bottom of the Ichimoku Cloud, Senkou Span A), the 38.2 percent Fibonacci retracement at $112, and the 100 percent Fibonacci expansion at $116 are adding to the bull’s dismay. This indicates that even if buyers can close Solana at $100, the upside potential may be limited or perhaps reversed due to another set of substantial resistance levels.

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Solana Foundation to hold events

The Solana Foundation has announced that they will be holding events in various places around the world to stimulate developer interest in the ecosystem.

The event was dubbed ‘The Hacker House’ and the foundation plans to visit cities such as Prague, Berlin and New York in the coming weeks, as well as Florianópolis, Brazil and Nassau, the capital of the Bahamas. They have also indicated that they plan to expand the list of cities over time.

“Great news: more Solana Hacker Houses are coming! The crew is adding several new stops to the World Tour.” This is poised to attract more projects to the ecosystem and strengthen the blockchain, a welcome positive development after the difficult start to the year Solana has had.

Bartosz Lipinski, Head of Product said:

“We give people opportunities to access venture capital, knowledge of Solana’s engineering team, and then people who can research your ideas and then help you build. So if you’re considering starting a business, I think building in Web 3, especially on Solana, is probably the easiest way. Again, multiple teams went from probably a few projects to 5000 within a year, funded their companies and started hiring. And if you think in terms of start-ups, that’s unbelievable.”

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Featured image from Pixabay, chart from TradingView.com

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