SOL price analysis

Solana price begins a downward correction

After a steady rise, Solana bulls struggled to break above the $115 resistance. SOL price formed a short-term top and started a fresh decline below the $105 support.

A steady decline below the $100 pivot level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $71 swing low to $108 high. The price is currently showing some bearish signs towards the $115 resistance zone for Bitcoin and Ethereum.

SOL is currently trading below $95 and below the 100 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $92 on the 4-hours chart of the SOL/USD pair.

In the event of fresh gains, immediate resistance is near the $92 level and the trendline. The first major resistance is near the $100 level or the 100 simple moving average (4-hours). The main resistance is currently near $105. A successful close above the $105 resistance could set the stage for another significant move higher. The next key resistance is near $115. In case of further gains, the price may rise towards the $125 level.

SOL loses more?

If SOL fails to rebound above the $92 resistance, the decline is likely to continue. Initial support on the downside is near $80.

The first major support level is seen near $72, below which the price could test $68. If there is a close below the $68 support, the price may drop towards the $50 support in the short term.

Technical indicators

4-hours MACD – The MACD for SOL/USD is accelerating in the bearish zone.

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

Major support levels – $80 and $68.

Major resistance levels – $92, $100, and $105.

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