- Solana price started a fresh decline from the $120 resistance against the US Dollar.
- The price is now trading below $110.00 and the 55 simple moving average (4-hours).
- There was a break below a key contracting triangle forming with support near $124 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $108 to start a decent recovery wave in the near term.
Solano price is struggling to stay above $100 against the US Dollar, similar to bitcoin. SOL could extend decline if it settles below the $100 support.
Solana (SOL) Price Analysis
SOL price attempted an upside break above the $140 level, but failed. As a result, it started a fresh decline below the $132 and $130 support levels.
There was a break below a key contracting triangle forming with support near $124 on the 4-hours chart of the SOL/USD pair. The pair even settled below the $120 support zone and the 55 simple moving average (4-hours).
It even spiked below the $100 level and traded as low as $98.13. On the upside, an immediate resistance is near the $108.00 level. It is near the 23.6% Fib retracement level of the downward move from the $143 swing high to $98 swing low.
The next major resistance on the upside is near the $116.00 level and the 55 simple moving average (4-hours). The main resistance sits near the $120 level. It is near the 50% Fib retracement level of the downward move from the $143 swing high to $98 swing low.
To start another increase, the price must settle above the $120.00 level in the near term. The next major resistance could be $130.00, above which the price could rise to $140.00.
On the downside, there is a key support near $98. The next key support is near the $94 level. A downside break below the $94 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $80 level.
Looking at the chart, solana price is clearly trading below $110.00 and the 55 simple moving average (4-hours). Overall, the price must clear $108 to start a decent recovery wave in the near term.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now just below the 50 level.
Key Support Levels – $98.00 and $94.00.
Key Resistance Levels – $108.00, $120.00 and $140.00.
