Solana Price Struggles to Break Resistance
Despite a previous increase, Solana’s price faced difficulty in surpassing the $120 resistance level. As a result, SOL price began a fresh decline, following the same trend as Bitcoin and Ethereum.
Price Consolidation and Key Triangle Formation
The price experienced a steady decline below $105 and eventually dropped below the $100 level. It reached a low point near $91.38 before entering a consolidation phase. Currently, there is a key contracting triangle forming with resistance around $102 on the 4-hour chart of the SOL/USD pair.
Trading Below Moving Average and Immediate Resistance
SOL is now trading below both the $102 resistance level and the 100 simple moving average (4 hours). The immediate resistance can be found near the $97.40 level, close to the 50% Fib retracement level.
Potential for More Downside
If SOL fails to rally above the $102 resistance, it may continue its downward movement. The initial support on the downside is around $92.00, followed by a major support level near $85.20. Further declines could lead to testing the $80 mark.
Hot Take: SOL’s Future Depends on Breaking Resistance
The key for Solana’s future lies in its ability to break through the $102 resistance level. A successful close above this level could trigger another significant rally, with the next key resistance at $112 and the potential for reaching $120. However, if SOL fails to overcome this obstacle, it may face further losses, potentially dropping towards the major support levels at $85 and even $80 in the short term.
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