Solana attempts another increase from the $92 zone. SOL price could gain bullish momentum if it manages to break the USD 100 and USD 104 resistance levels.
- SOL price started a fresh decline after the USD 106 resistance against the US dollar.
- The price is now trading above $92 and the 100 simple moving average (4 hours).
- There was a break below a key bullish trendline with support at $100 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could rise again if it surpasses the USD 100 and USD 104 levels.
Solana Price faces an important test
Solana price started falling again after struggling to reach the $106 level, just like Bitcoin at $43,800. There was a clear move below the USD 102 and USD 100 support levels.
Additionally, there was a break below a key bullish trendline with support at $100 on the 4-hour chart of the SOL/USD pair. However, the bulls were active around the $92 level and the 100 simple moving average (4 hours). The price is now trying to make a new increase above the USD 95 level.
The price retested the $100 zone and the 50% Fib retracement level of the downward move from the $106.41 swing high to the $92.95 low. SOL is now trading above $95 and the 100 simple moving average (4 hours).
Source: SOLUSD on TradingView.com
The immediate resistance is near the $100 level. The next major resistance is near the $104 level or the 76.4% Fib retracement level of the downward move from the $106.41 swing high to the $92.95 low. A successful close above the $104 resistance could set the pace for another big move higher. The next major resistance is near USD 112. Any further gains could send the price towards the USD 120 level.
Another drop in the SOL?
If SOL fails to break above the $100 resistance, it could trigger another decline. Initial downside support is near the $92 level and the 100 simple moving average (4 hours).
The first major support is near the USD 90 level, below which the price could test USD 85. If there is a close below the $85 support, the price could fall towards the $78 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $92 and $92.
Major resistance levels – $100, $104 and $112.
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