Solana

Bitcoin

Resistance

Solana is moving lower from the $120 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $80 support. 
<ul> 
 <li>SOL price started a fresh decline from the $120 resistance against the US Dollar.</li> 
 <li>The price is now trading below $102 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to move down toward the $85 support or even $80.</li> 
</ul> 
<h2 id="solana-price-faces-uphill-task">Solana Price Faces Uphill Task</h2> 
After a steady increase, Solana bulls struggled to clear the $120 resistance. SOL price formed a short-term top and started a fresh decline below the $112 support, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-takes-hit-40k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-2425/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a steady decline below the $105 level. The bears pushed the price below the $100 level. It tested the $91.50 support. A low is formed near $91.38, and the price is now consolidating losses. There is also a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair. 
SOL is now trading below $102 and the 100 simple moving average (4 hours). Immediate resistance is near the $97.40 level. It is close to the 50% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low. 
The first major resistance is near the $100 level or the 76.4% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570273" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_976384.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 $102. A successful close above the $102 resistance could set the pace for another major rally. The next key resistance is near $112. Any more gains might send the price toward the $120 level. 
<h2 id="more-losses-in-sol">More Losses in SOL?</h2> 
If SOL fails to rally above the $102 resistance, it could continue to move down. Initial support on the downside is near the $92.00 level. 
The first major support is near the $85.20 level, below which the price could test $80. If there is a close below the $68 support, the price could decline toward the $74.50 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 – $85, and $80. 
Major Resistance Levels – $97.40, $102, and $112.

SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?

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