SOL Price Starts Fresh Decline
The price of Solana (SOL) has begun a new downward trend after facing resistance at $104 against the US Dollar. Currently, the price is trading below $95 and the 100 simple moving average (4 hours).
Solana Price Faces Key Hurdles
Solana’s price has experienced a recent decline, following in the footsteps of Bitcoin, and has fallen below the $95 support zone. The price also dropped below the $92 and $90 support levels.
However, there was some positive movement as SOL found support near the $79 zone and is now attempting a recovery wave. The price managed to climb above the $84 resistance level and broke a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL/USD pair.
Another Decline in SOL?
If SOL fails to surpass the $91.20 resistance level, it could potentially enter another decline. The initial support on the downside is near the $84.80 level, followed by major support at around $80.00.
In case of further decline, the price could test the $75.00 level. A close below the $68 support might lead to a decline toward the $72.50 support in the near future.
Technical Indicators
The MACD for SOL/USD is currently gaining momentum in the bearish zone on the 4-hour chart. Additionally, the RSI for SOL/USD is below the 50 level.
Hot Take: Solana’s Price Faces Resistance Levels
Solana’s price is encountering key hurdles as it struggles to overcome resistance levels and maintain an upward trend. The immediate resistance is near $91.20, followed by the major resistance levels at $94.00 and $98.00.
A successful close above the $98 resistance could potentially lead to a significant increase in price, with the next key resistance level lying near $112. Further gains might even propel the price towards the $120 level.
Source: SOLUSD on TradingView.com
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