Solana

Bitcoin

Resistance

Solana stayed above the $67.50 support and started a fresh increase. SOL price is gaining pace and might soon attempt a move above $80. 
<ul> 
 <li>SOL price started a fresh rally above the $72 resistance against the US Dollar.</li> 
 <li>The price is now trading above $74 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair is up nearly 8% and might rally further above the $80 resistance zone.</li> 
</ul> 
<h2 id="solana-price-resumes-increase">Solana Price Resumes Increase</h2> 
In the past few days, Solana saw a downside correction from the $80.00 zone, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-43500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-restarts-increase-2250/" target="_blank" rel="noopener ">Ethereum</a>. SOL declined below the $77.50 and $75.00 support levels. 
However, the bulls were active above the $67.50 support. A low was formed near $67.25, and the price is now attempting a fresh increase. There was a move above the $70 and $72 resistance levels. The price is up nearly 8% and there was a move above the 50% Fib retracement level of the downward move from the $79.45 swing high to the $67.25 low. 
SOL is now trading above $74 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair. 
On the upside, immediate resistance is near the $76.50 level. It is near the 76.4% key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair. The first major resistance is near the $80.00 level. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-565937" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461" alt="SOL Price Solana" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-2.png?resize=1024%2C461?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 $82.0. A successful close above the $82.0 resistance could set the pace for another major rally. The next key resistance is near $88.00. Any more gains might send the price toward the $92.00 level. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
If SOL fails to rally above the $80.00 resistance, it could start a fresh decline. Initial support on the downside is near the $72.00 level. 
The first major support is near the $70.00 level or the trend line, below which the price could test $67.50. If there is a close below the $67.50 support, the price could decline toward the $65.00 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $72.00, and $70.00. 
Major Resistance Levels – $76.50, $80.00, and $88.00.

SOL Price Soars 8%, Solana Indicators Suggest Breakout Above $80

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