Solana

Fade

Bitcoin

Resistance

Solana is attempting a recovery wave from the $80 zone. SOL price could struggle to clear the $92 and $94 resistance levels in the near term. 
<ul> 
 <li>SOL price started a fresh decline from the $104 resistance against the US Dollar.</li> 
 <li>The price is now trading below $95 and the 100 simple moving average (4 hours).</li> 
 <li>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>The pair could start another decline if it fails to clear the $92 or $94 resistance.</li> 
</ul> 
<h2 id="solana-price-faces-key-hurdles">Solana Price Faces Key Hurdles</h2> 
Solana price started a fresh decline like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-make-or-break-moment-38500/" target="_blank" rel="noopener ">Bitcoin</a> and traded below the $95 support zone. There was a clear move below the $92 and $90 support levels. 
Finally, SOL price found support near the $79 zone. A low was formed near $78.96, and the price is now attempting a recovery wave like <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-holding-2165/" target="_blank" rel="noopener ">Ethereum</a>. 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. It is now trading below $95 and the 100 simple moving average (4 hours). 
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. The first major resistance is near the $94 level or the 100 hourly SMA. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-571366" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Solana_36dc00.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 $98. A successful close above the $98 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 $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. If there is a close below the $68 support, the price could decline toward the $72.50 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 – $84.80, and $80.00. 
Major Resistance Levels – $91.20, $94.00, and $98.00.

SOL Price Recovery Could Soon Fade If Solana Fails To Clear This Hurdle

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