Solana

Bitcoin

Resistance

Flash

<a href="https://bitcoinworld.co.in/price-analysis-sol-price-recovery-may-not-last-unless-solana-clears-this-hurdle/" title="Price Analysis: SOL Price Recovery May Not Last Unless Solana Clears This Hurdle" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">Solana (SOL) price is attempting a recovery wave from the $80 zone.&nbsp;</li> 
 <li style="font-weight: 400">SOL price could struggle to clear the $92 and $94 resistance levels in the near term.</li> 
 <li style="font-weight: 400">SOL price started a fresh decline from the $104 resistance against the US Dollar.</li> 
 <li style="font-weight: 400">The price is now trading below $95 and the 100 simple moving average (4 hours).</li> 
 <li style="font-weight: 400">There was a break above a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li style="font-weight: 400">The pair could start another decline if it fails to clear the $92 or $94 resistance.</li> 
</ul> 
<h3 id="span-style-font-weight-400-solana-price-faces-key-hurdles-span">Solana Price Faces Key Hurdles</h3> 
Solana price started a fresh decline like Bitcoin and traded below the $95 support zone. There was a clear move below the $92 and $90 support levels. 
Finally, the <a href="https://coinstats.app/coins/solana/">price</a> of Solana (SOL) found support near the $79 zone. A low was formed near $78.96, and the price is now attempting a recovery wave like Ethereum.&nbsp; 
There was a move above the $84 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low. 
Besides, there was a break above a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL/USD pair.&nbsp; 
It is now trading below $95 and the 100 simple moving average (4 hours). 
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Immediate resistance is near the $91.20 level. It is close to the 50% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low.&nbsp; 
<figure id="attachment_63676" aria-describedby="caption-attachment-63676" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-63676" src="https://bitcoinworld.co.in/wp-content/uploads/Solana-Price-Chart-8-483x300.png" alt="" width="599" height="372" srcset="https://bitcoinworld.co.in/wp-content/uploads/Solana-Price-Chart-8-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/Solana-Price-Chart-8.png 760w" sizes="(max-width: 599px) 100vw, 599px">
 <figcaption id="caption-attachment-63676" class="wp-caption-text">
 Solana Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
The first major resistance is near the $94 level or the 100 hourly SMA. 
The main resistance is now near $98. A successful close above the $98 resistance could set the pace for another major increase.&nbsp; 
The next key resistance is near $112. Any more gains might send the price toward the $120 level. 
<h3 id="span-style-font-weight-400-another-decline-in-sol-span">Another Decline In SOL?</h3> 
If SOL fails to rally above the $91.20 resistance, it could start another decline. Initial support on the downside is near the $84.80 level. 
The first major support is near the $80.00 level, below which the price could test $75.00.&nbsp; 
If there is a close below the $68 support, the price could decline toward the $72.50 support in the near term. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators</h3> 
<ul> 
 <li style="font-weight: 400">4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.</li> 
 <li style="font-weight: 400">4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.</li> 
 <li style="font-weight: 400">Major Support Levels – $84.80, and $80.00.</li> 
 <li style="font-weight: 400">Major Resistance Levels – $91.20, $94.00, and $98.00.</li> 
</ul> 
The post <a href="https://bitcoinworld.co.in/price-analysis-sol-price-recovery-may-not-last-unless-solana-clears-this-hurdle/">Price Analysis: SOL Price Recovery May Not Last Unless Solana Clears This Hurdle</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Price Analysis: SOL Price Recovery May Not Last Unless Solana Clears This Hurdle

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