- Solana price extended decline below the $100 support against the US Dollar.
- The price is now back above $100 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $102 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $110 to continue higher in the near term.
Solana price is recovering above $100 against the US Dollar, similar to bitcoin. SOL could gain pace if there is a clear move above the $110 level.
Solana (SOL) Price Analysis
SOL price attempted an upside break above the $110 level, but failed. As a result, it started a fresh decline below the $102 and $100 support levels.
The pair even settled below the $110 support zone and the 55 simple moving average (4-hours). It even spiked below the $95 level and traded as low as $94.96. It is now correcting losses and trading above $100. There was a break above a major bearish trend line with resistance near $102 on the 4-hours chart of the SOL/USD pair.
The pair surpassed the 23.6% Fib retracement level of the downward move from the $144 swing high to $94 swing low. On the upside, an immediate resistance is near the $110 level.
The next major resistance on the upside is near the $118.00 level. The main resistance sits near the $120 level. It is near the 50% Fib retracement level of the downward move from the $144 swing high to $94 swing low. To start another increase, the price must settle above the $110.00 and $120.00 levels in the near term.
The next major resistance could be $132.00, above which the price could rise to $140.00. On the downside, there is a key support near $102 and the 55 simple moving average (4-hours).
The next key support is near the $98 level. A downside break below the $98 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $85 level.
Looking at the chart, solana price is clearly trading above $100.00 and the 55 simple moving average (4-hours). Overall, the price must clear $110 to continue higher 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 above the 50 level.
Key Support Levels – $102.00 and $98.00.
Key Resistance Levels – $110.00, $120.00 and $140.00.
