SOL Price Reaches Decisive Levels: Can Solana Pump Again?

Solana is moving lower than the $120 resistance. SOL price is showing some bearish signals and may decline sharply towards the $80 support.

  • SOL price started a new 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 source Kraken).
  • The pair could continue to fall towards the $85 or even $80 support.

Solana Price faces a daunting task

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

There has been a steady decline below the $105 level. The bears pushed the price below the $100 level. It tested the $91.50 support. A low has 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). Immediate resistance is near the $97.40 level. It is near the 50% Fib retracement level of the downside move from the swing 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 downside move from the swing high of $103.39 to the low of $91.38.

Source: SOLUSD on TradingView.com

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

More losses in the SOL?

If SOL fails to clear the $102 resistance, it may continue to fall. 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 a close below the $68 support occurs, the price may fall towards the $74.50 support in the short term.

Technical indicators

4-Hour MACD – The MACD for SOL/USD is gaining ground in the bearish zone.

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

Major support levels: $85 and $80.

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

Disclaimer: The item is provided for educational purposes only. It does not represent NewsBTC’s views on whether to buy, sell or hold investments and of course investing involves risk. You are advised to conduct your own research before making any investment decisions. Use the information provided on this website entirely at your own risk.

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