Solana

Bitcoin

Resistance

Solana surged toward $80 before the bears appeared. SOL price is now correcting gains but the bulls might remain active near the $65 support. 
<ul> 
 <li>SOL price started a major rally above the $65 resistance before the bears appeared against the US Dollar.</li> 
 <li>The price is now trading above $65 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support near $65.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could accelerate lower if there is a clear move below the $55.00 support.</li> 
</ul> 
<h2 id="solana-price-starts-downside-correction">Solana Price Starts Downside Correction</h2> 
In the past few days, Solana saw a major rally above the $60 level. SOL gained bullish momentum after it settled above $65, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-crashes-8-and-wipes-weekly-gains-dips-supported/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dives-to-2000/" target="_blank" rel="noopener ">Ethereum</a>. 
The bulls even pumped the price above the $72 level. A high was formed near $77.72 and the price recently saw a downside correction. It traded below $72 and tested $70. The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $53.50 swing low to the $77.72 high. 
SOL is still trading above $66 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $65.00 on the 4-hour chart of the SOL/USD pair. 
The trend line is near the 50% Fib retracement level of the upward move from the $53.50 swing low to the $77.72 high. On the upside, immediate resistance is near the $72.00 level. The first major resistance is near the $75.00 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-564837" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468" alt="SOL Price (Solana)" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/SOLUSD/" target="_blank" rel="noopener nofollow">SOLUSD on TradingView.com</a> 
The main resistance is now near $78. A successful close above the $78 resistance could set the pace for a larger increase. The next key resistance is near $82.50. Any more gains might send the price toward the $86.52 level. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
If SOL fails to recover above the $72.00 resistance, it could continue to move down. Initial support on the downside is near the $68.00 level. 
The first major support is near the $65.00 level or the trend line, below which the price could test $62. If there is a close below the $62 support, the price could decline toward the $55 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $65.00, and $62.00. 
Major Resistance Levels – $72.00, $75.00, and $78.00.

SOL Price (Solana) Signals Short-Term Top, Here Are Key Supports To Watch

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