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Home»EXCHANGE NEWS»SOL prices have reached make-or-break levels – can Solana pump again?
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SOL prices have reached make-or-break levels – can Solana pump again?

By Crypto FlexsJanuary 19, 20243 Mins Read
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SOL prices have reached make-or-break levels – can Solana pump again?
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Solana is falling from the $120 resistance level. SOL price is showing some signs of weakness and may decline sharply towards the $80 support.

  • SOL price started a new decline from the $120 resistance against the US dollar.
  • The price is currently trading below $102 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the SOL/USD pair, there is a major contraction triangle with resistance forming near $102 (data source from Kraken).
  • The pair may continue to decline towards the $85 support level or even $80.

Solana Price Faces Uphill Challenge

After a steady increase, Solana bulls had difficulty clearing the $120 resistance. SOL price formed a short-term high and, like Bitcoin and Ethereum, started a new decline below the $112 support line.

There was a steady decline below the $105 level. The decline pushed the price below the $100 level. $91.50 support was tested. A low was formed near $91.38 and the price is currently consolidating losses. On the 4-hours chart of the SOL/USD pair, there is also a major contraction triangle with resistance forming near $102.

SOL is currently trading below $102 and the 100 simple moving average (4-hours). Immediate resistance is near the $97.40 level. This is close to the 50% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.

The first major resistance is near the $100 level or the 76.4% Fib retracement level for a downside move from the $103.39 swing high to the $91.38 low.

Source: SOLUSD on TradingView.com

Key resistance is currently near $102. A successful close above the $102 resistance could set the pace for another major rally. The next major resistance is near $112. Any more profits could push the price down to the $120 level.

Will there be more losses in SOL?

If SOL fails to rebound above the $102 resistance, it could continue falling. Initial support for the downside is near the $92.00 level.

The first major support is near the $85.20 level, below which the price may test $80. If the price closes below the $68 support, the price may decline towards the $74.50 support in the near term.

technical indicators

4-Hour MACD – The MACD for SOL/USD is picking up speed in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Key support levels – $85 and $80.

Key resistance levels – $97.40, $102, $112.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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