Solana (SOL) Keeps $100 Alive, Recovery Push Faces | Crypto News
Solana failed to settle above $112 and prolonged losses. SOL price is now recovering above $102 but faces many hurdles close to $108 and $110.
- SOL price began a first rate recovery wave above $100 and $102 against the US Dollar.
- The price is now trading below $110 and the 100-hourly simple transferring average.
- There is a key bearish development line forming with resistance at $108 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The price might continue to transfer up if it clears $108 and $110.
Solana Price Faces Resistance
Solana price remained steady and began a first rate recovery wave from $95, like Bitcoin and Ethereum. SOL was in a position to climb above the $100 degree.
There was a transfer above the 23.6% Fib retracement degree of the downward transfer from the $119 swing high to the $95.81 low. However, the bears are energetic below $110. There is also a key bearish development line forming with resistance at $108 on the hourly chart of the SOL/USD pair.
Solana is now trading below $105 and the 100-hourly simple transferring average. On the upside, fast resistance is close to the $108 degree, the development line, and the 50% Fib retracement degree of the downward transfer from the $119 swing high to the $95.81 low.
The next major resistance is close to the $110 degree. The main resistance might be $115. A profitable close above the $115 resistance zone might set the tempo for another regular increase. The next key resistance is $122. Any more positive aspects would possibly ship the price toward the $125 degree.
Another Decline In SOL?
If SOL fails to rise above the $108 resistance, it might continue to transfer down. Initial assist on the draw back is close to the $101 zone. The first major assist is close to the $95 degree.
A break below the $95 degree would possibly ship the price toward the $88 assist zone. If there may be a close below the $88 assist, the price might decline toward the $80 zone in the close to time period.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining tempo in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 degree.
Major Support Levels – $101 and $95.
Major Resistance Levels – $108 and $115.
Stay up to date with the latest trending crypto news! Visit our web site daily for the freshest Crypto news and content, fastidiously curated to keep you informed.
