Solana (SOL) Keeps $100 Alive, Recovery Push Faces First Test

[Ben Graham]

Solana failed to settle above $112 and extended losses. SOL price is now recovering above $102 but faces many hurdles near $108 and $110.

• SOL price started a decent recovery wave above $100 and $102 against the US Dollar.
• The price is now trading below $110 and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $108 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The price could continue to move up if it clears $108 and $110.

Solana Price Faces Resistance

Solana price remained stable and started a decent recovery wave from $95, like Bitcoin and Ethereum. SOL was able to climb above the $100 level.

There was a move above the 23.6% Fib retracement level of the downward move from the $119 swing high to the $95.81 low. However, the bears are active below $110. There is also a key bearish trend line forming with resistance at $108 on the hourly chart of the SOL/USD pair.

Solana is now trading below $105 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $108 level, the trend line, and the 50% Fib retracement level of the downward move from the $119 swing high to the $95.81 low.

The next major resistance is near the $110 level. The main resistance could be $115. A successful close above the $115 resistance zone could set the pace for another steady increase. The next key resistance is $122. Any more gains might send the price toward the $125 level.

Another Decline In SOL?

If SOL fails to rise above the $108 resistance, it could continue to move down. Initial support on the downside is near the $101 zone. The first major support is near the $95 level.

A break below the $95 level might send the price toward the $88 support zone. If there is a close below the $88 support, the price could decline toward the $80 zone in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $101 and $95.

Major Resistance Levels – $108 and $115.