- Solana price extended decline below the $100 support against the US Dollar.
- The price is now trading below $100 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $98.20 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $100 and $102 to start a fresh increase in the near term.
Solano price is struggling below $100 against the US Dollar, similar to bitcoin. SOL could decline sharply if there is a clear move below the $95 support.
Solana (SOL) Price Analysis
SOL price attempted an upside break above the $110 and $112 levels, but failed. As a result, it started a fresh decline below the $105 and $102 support levels.
The pair even settled below the $100 support zone and the 55 simple moving average (4-hours). It even spiked below the $95 level and traded as low as $94.42. It is now consolidating losses and trading above $96. On the upside, an immediate resistance is near the $98.20 level.
There is also a major bearish trend line forming with resistance near $98.20 on the 4-hours chart of the SOL/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $111 swing high to $94 swing low.
The next major resistance on the upside is near the $102.50 level and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $111 swing high to $94 swing low.
To start another increase, the price must settle above the $100.00 and $102.50 levels in the near term. The next major resistance could be $110.00, above which the price could rise to $120.00. On the downside, there is a key support near $95.
The next key support is near the $92 level. A downside break below the $92 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 $100.00 and the 55 simple moving average (4-hours). Overall, the price must clear $100 and $102 to start a fresh increase 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 below the 50 level.
Key Support Levels – $95.00 and $92.00.
Key Resistance Levels – $98.20, $102.50 and $110.00.
