Solana is attempting a recovery wave from the $80 zone. SOL price may struggle to break out of the $92 and $94 resistance levels in the short term.
- SOL price started falling again from the $104 resistance level against the USD.
- The price is currently trading below $95 and the 100 simple moving average (4-hourly).
- On the 4-hour chart of the SOL/USD pair, $85.00 has broken above the major bearish trend line of resistance (data source: Kraken).
- If the pair fails to break out of the resistance levels at $92 or $94, the pair could start to fall further.
Solana Price faces major hurdle
Solana price started a new decline similar to Bitcoin, trading below the $95 support zone. There was a clear move below the $92 and $90 support levels.
Finally, SOL price found support near the $79 zone. The low was formed around $78.96 and the price is currently attempting a recovery wave similar to Ethereum. There was a move above the $84 resistance level. Price rose above the 23.6% Fib retracement level of the decline from the swing high of $103.40 to the low of $78.96.
Additionally, on the 4-hour chart of the SOL/USD pair, the pair broke above the major bearish trendline with resistance at $85.00. It is currently trading below $95 and the 100 simple moving average (4-hourly).
Immediate resistance is near $91.20. This is close to the 50% Fib retracement level of the decline from the swing high of $103.40 to the low of $78.96. The first major resistance level is near the $94 level or 100 hourly SMA.
sauce: SOLUSD on TradingView.com
The main resistance level currently is around $98. A close above the $98 resistance level could set the pace for another significant rally. The next major resistance level is near $112. Any further rise could send the price towards the $120 level.
Another drop in SOL?
If SOL fails to rise above the $91.20 resistance level, further decline could begin. The first support on the downside is near the $84.80 level.
The first major support is located around the $80.00 level, below which the price could test $75.00. If the closing price falls below the $68 support, the price could fall towards the $72.50 support in the short term.
technical indicators
4-hour MACD – MACD for SOL/USD is pacing in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – $84.80 and $80.00.
Major resistance levels – $91.20, $94.00, and $98.00.
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