Solana Guns For $100 Barrier, Will Bulls Win The SOL?

The price of Solana is riding the same wave as cryptocurrencies, stocks, and other risky assets around the world. Investors are hopeful that the present war in Ukraine would come to a conclusion following a meeting between Russia and Ukraine in Belarus. Despite the positive news and outlook, bulls are finding it difficult to break through the important $100 barrier.

Earlier today, Solana hit a daily high of $96. The asset was one of the top gainers 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 has boosted the asset’s price recently.

Solana’s price, more than most large cryptocurrencies, is dismal and sad, as it is quite close to a key price level yet unable to attain it easily. Before Solana may enter a clear and established bull market, a substantial cluster of resistance must be broken.

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 displeasure. This indicates that even if buyers can get Solana to close at $100, upside potential may be limited or perhaps reversed as a result of another set of substantial resistance levels.

Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc

The Solana Foundation announced that they would be holding events in several places across the world to stimulate developers’ interest in the ecosystem.

The event was named “The Hacker House,” and the foundation plans to visit cities such as Prague, Berlin, and New York, as well as Florianópolis, Brazil, and Nassau, Bahamas’ capital, in the coming weeks. They’ve also stated that as time goes on, they’d like to expand the list of cities.

“Big news: There are more Solana Hacker Houses on the way! 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 following the difficult start to the year Solana has had.

Bartosz Lipinski, its Head of Product said:

“We are giving people opportunities to get access to venture funds, knowledge from engineering team on Solana, and then people that can vet your ideas and then help you build. So, if you are thinking about starting a company, I think building it in Web 3, especially on Solana, is probably the easiest route. Again, multiple teams went from probably like a few projects to 5000 within a year, funded their companies, and started hiring. And if you are thinking in terms of start-ups, that’s like incredible”.

Related Reading | Bitcoin Leverage Ratio Suggests More Decline May Be Coming