SOL breakthrough faces challenges, pay attention to these key points
Solana is moving lower from the $120 resistance. SOL price is showing some bearish signs and could drop significantly towards the $80 support.
SOL price started a fresh decline from the $120 resistance against the US Dollar.
The price is currently trading below $102 and the 100 simple moving average (4-hours).
A key contracting triangle is forming with resistance near $102 on the 4-hours chart of the SOL/USD pair
The pair may continue its decline towards the $85 support or even $80.
Solana Price Faces Tough Task
After a steady rise, Solana bulls struggled to break above the $120 resistance. SOL price formed a short-term top and started a fresh decline below the $112 support, just like Bitcoin and Ethereum.
There was a steady decline below the $105 level. Bears pushed the price below $100. It tested support at $91.50. A low was formed near $91.38 and the price is now consolidating losses. There is also a key contracting triangle forming with resistance near $102 on the 4-hours chart of the SOL/USD pair.
SOL is currently trading below $102 and below the 100 simple moving average (4-hours). Immediate resistance is near $97.40. It is near the 50% Fib retracement level of the downward move from the swing high of $103.39 to the low of $91.38.
The first major resistance level is near $100, which is the 76.4% Fibonacci retracement level of the downward move from the $103.39 high to $91.38 low.
The main resistance is currently near $102. A successful close above the $102 resistance could set the stage for another significant move higher. The next key resistance is near $112. In case of further gains, the price may rise towards the $120 level.
SOL pessimistic trend
If SOL fails to rebound above the $102 resistance, the decline is likely to continue. Initial support on the downside is near $92.00.
The first major support level is seen near $85.20, below which the price could test $80. If the price closes below the $68 support, the price could drop towards $74 in the short term.$50 support.
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 – $85 and $80.
Major resistance levels – $97.40, $102, and $112.
Coin circle layout, nod your head to follow Zhige’s homepage, and share your daily passwords for free. No threshold circle
