Solana

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Solana is attempting a fresh increase from the $92 zone. SOL price could gain bullish momentum if it manages to clear the $100 and $104 resistance levels. 
<ul> 
 <li>SOL price started a fresh decline from the $106 resistance against the US Dollar.</li> 
 <li>The price is now trading above $92 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break below a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could start another increase if it surpasses the $100 and $104 levels.</li> 
</ul> 
<h2 id="solana-price-faces-key-test">Solana Price Faces Key Test</h2> 
Solana price started a fresh decline after it struggled to clear the $106 level like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-see-liftoff-43800/" target="_blank" rel="noopener ">Bitcoin</a> at $43,800. There was a clear move below the $102 and $100 support levels. 
Besides, there was a break below a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair. However, the bulls were active near the $92 level and the <a href="https://www.newsbtc.com/analysis/sol-price-recovery-fade-95/" target="_blank" rel="noopener ">100 simple moving average (4 hours)</a>. The price is now attempting a fresh increase above the $95 level. 
The price retested the $100 zone and the 50% Fib retracement level of the downward move from the $106.41 swing high to the $92.95 low. SOL is now trading above $95 and the 100 simple moving average (4 hours). 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-572881" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/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> 
Immediate resistance is near the $100 level. The next major resistance is near the $104 level or the 76.4% Fib retracement level of the downward move from the $106.41 swing high to the $92.95 low. A successful close above the $104 resistance could set the pace for another major increase. The next key resistance is near $112. Any more gains might send the price toward the $120 level. 
<h2 id="another-decline-in-sol">Another Decline in SOL?</h2> 
If SOL fails to rally above the $100 resistance, it could start another decline. Initial support on the downside is near the $92 level and the 100 simple moving average (4 hours). 
The first major support is near the $90 level, below which the price could test $85. If there is a close below the $85 support, the price could decline toward the $78 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 – $92, and $92. 
Major Resistance Levels – $100, $104, and $112.

SOL Price Faces Big Move – Can Bulls Send Solana To $120?

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