Solana rose above the $100 and $110 levels. SOL price is now correcting to the upside, but the uptrend may remain active near the $100 level.
- SOL price started a new bounce above the $100 resistance level against the US dollar.
- The price is currently trading above $100 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the SOL/USD pair, there is a major bullish trend line forming with support near $102 (data source from Kraken).
- As long as the pair does not close below the $100 support line, the pair could start a new rally.
Solana price still maintains upward trend
In the past few days, Solana, unlike Bitcoin or Ethereum, has shown significant gains beyond the $90 and $100 levels. SOL rose above the $120 level.
A new multi-week high was formed near $126.13 and the price is currently correcting to the upside. There was movement below the $115 and $112 levels. The price fell below the 23.6% Fib retracement level, rising from the $67.25 swing low to the $126.13 high.
SOL is currently trading above $100 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $102 on the 4-hours chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the other hand, immediate resistance is close to the $112 level. The first major resistance is near the $120 level. Key resistance is currently near $125. A successful close of the $125 resistance could set the pace for another major rally. The next major resistance is near $132. Any more profits could push the price higher to the $145 level.
Will there be more losses in SOL?
If SOL fails to rebound above the $120 resistance, it may continue to fall. Initial support for the downside is near the $100 level.
The first major support is near the $90 level, or the 61.8% Fib retracement level, on the rise from the $67.25 swing low to the $126.13 high, below which the price may test $80. If the price closes below the $80 support, the price may decline towards the $68 support in the near term.
technical indicators
4-Hour MACD – The MACD for SOL/USD is losing speed in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Key support levels – $100 and $92.
Key resistance levels – $115, $120, $125.
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