Solana rose above the USD 100 and USD 110 levels. SOL price is now correcting gains, but the bulls could remain active around the $100 level.
- SOL price started a new rally above the USD 100 resistance against the US dollar.
- The price is now trading above $100 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support around $102 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could start another rally unless it closes below the $100 support.
Solana price remains in uptrend
In recent days, Solana saw a major upward move above the $90 and $100 levels, unlike Bitcoin and Ethereum. SOL even rose above the USD 120 level.
A new multi-week high was formed near $126.13 and the price is now correcting gains. There was a move below the USD 115 and USD 112 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high.
SOL is now trading above $100 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support around $102 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is around the $112 level. The first major resistance is around the $120 level. The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next major resistance is near USD 132. Any further gains could send the price towards the USD 145 level.
Lose more in SOL?
If SOL fails to break above the USD 120 resistance, the price could continue to decline. The initial downside support is near the $100 level.
The first major support is near the $90 level or the 61.8% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high, below which the price could test $80. If there is a close below the $80 support, the price could fall towards the $68 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major support levels – USD 100 and USD 92.
Major resistance levels – $115, $120 and $125.
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