Rally

Solana

Bitcoin

Resistance

Solana is up over 10% and gaining pace above $105. SOL price seems to be setting up for an upside break above the $125 resistance zone. 
<ul> 
 <li>SOL price started a fresh rally above the $100 resistance against the US Dollar.</li> 
 <li>The price is now trading above $105 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to rally if there is a clear move above the $118 resistance.</li> 
</ul> 
<h2 id="solana-price-starts-fresh-rally">Solana Price Starts Fresh Rally</h2> 
After a downside correction, <a href="https://www.newsbtc.com/analysis/sol-price-corrects-100/" target="_blank" rel="noopener ">Solana found support</a> near the $93.50 level. SOL formed a base and recently started a fresh increase above the $100 resistance. 
It is up over 10% today, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-starts-2024-bang-45k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-bulls-sight-high-2024/" target="_blank" rel="noopener ">Ethereum</a>. There was a move above the 50% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low. Besides, there was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair. 
SOL is now trading above $105 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $114 level. The first major resistance is near the $118 level or the 76.4% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567633" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461" alt="SOL Price Solana" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana.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 $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $138. Any more gains might send the price toward the $145 level. 
<h2 id="another-drop-in-sol">Another Drop in SOL?</h2> 
If SOL fails to rally above the $118 resistance, it could start a downside correction. Initial support on the downside is near the $108 level. 
The first major support is near the $100 level or the 100 simple moving average (4 hours), below which the price could test $94. If there is a close below the $94 support, the price could decline toward the $80 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 – $108, and $100. 
Major Resistance Levels – $118, $125, and $138.

SOL Price Surges 10% As Solana Bulls Aim New High Above $125

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