Rally

Solana

Bitcoin

Resistance

Gains

Solana rallied above the $100 and $110 levels. SOL price is now correcting gains, but the bulls might remain active near the $100 level. 
<ul> 
 <li>SOL price started a fresh rally above the $100 resistance against the US Dollar.</li> 
 <li>The price is now trading above $100 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could start a fresh rally unless there is a close below the $100 support.</li> 
</ul> 
<h2 id="solana-price-remains-in-uptrend">Solana Price Remains In Uptrend</h2> 
In the past few days, Solana saw a major upward move above the $90 and $100 levels, unlike <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-rejection-41550/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-retreats-2440/" target="_blank" rel="noopener ">Ethereum</a>. SOL even rallied above the $120 level. 
A new multi-week high was formed near $126.13 and the price is now correcting gains. There was a move below the $115 and $112 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high. 
SOL is now trading above $100 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567324" src="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449" alt="SOL Price Solana" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/Solana-5.png?resize=1024%2C449?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> 
On the upside, immediate resistance is near the $112 level. The first major resistance is near the $120 level. The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $132. Any more gains might send the price toward the $145 level. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
If SOL fails to rally above the $120 resistance, it could continue to move down. Initial support on the downside is near the $100 level. 
The first major support is near the $90 level or the 61.8% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high, below which the price could test $80. If there is a close below the $80 support, the price could decline toward the $68 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. 
Major Support Levels – $100, and $92. 
Major Resistance Levels – $115, $120, and $125.

SOL Price Corrects Gains But The Rally Is Far From Over – Here’s Why

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