Home CryptocurrencyAnalysis SOL price reaches decisive levels: can Solana pump again?

SOL price reaches decisive levels: can Solana pump again?

by SuperiorInvest

Solana is moving down from the $120 resistance. SOL price is showing some bearish signs and could fall sharply towards the $80 support.

  • SOL price started a fresh decline from the $120 resistance against the US Dollar.
  • The price is now trading below $102 and the 100 simple moving average (4-hours).
  • A key contracting triangle is forming with resistance near $102 on the 4-hour chart of the SOL/USD pair (data feed from Kraken).
  • The pair could continue moving towards the support of $85 or even $80.

Solana price faces an uphill task

After a steady rise, Solana bulls struggled to overcome the $120 resistance. SOL price formed a short-term high and started a new decline below the $112 support, like Bitcoin and Ethereum.

There was a steady decline below the $105 level. The bears pushed the price below the $100 level. He tested the support at $91.50. A low is formed near $91.38 and the price is now consolidating losses. There is also a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair.

SOL is now trading below $102 and the 100 simple moving average (4-hours). The immediate resistance is near the $97.40 level. It is close to the 50% Fibonacci retracement level of the downside move from the high of $103.39 to the low of $91.38.

The first major resistance is near the $100 level or the 76.4% Fibonacci retracement level of the downward move from the high of $103.39 to the low of $91.38.

Source: SOLUSD on TradingView.com

The main resistance is now near $102. A successful close above the $102 resistance could set the pace for another big rally. The next key resistance is near $112. Any further gains could send the price towards the $120 level.

More losses at SOL?

If SOL fails to overcome the $102 resistance, it could continue down. Initial support on the downside is near the $92.00 level.

The first major support is near the $85.20 level, below which the price could test $80. If there is a close below the $68 support, the price could fall towards the $74.50 support in the near term.

Technical Indicators

4-hour MACD: The MACD for SOL/USD is gaining pace in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Main support levels: $85 and $80.

Main resistance levels: $97.40, $102 and $112.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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