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

Solana did not settle above $112 and prolonged losses. SOL value is now recovering above $102 however faces many hurdles close to $108 and $110.

  • SOL value began an honest restoration wave above $100 and $102 towards the US Dollar.
  • The value is now buying and selling under $110 and the 100-hourly easy transferring common.
  • There is a key bearish development line forming with resistance at $108 on the hourly chart of the SOL/USD pair (knowledge supply from Kraken).
  • The value may proceed to maneuver up if it clears $108 and $110.

Solana Price Faces Resistance

Solana value remained secure and began an honest restoration wave from $95, like Bitcoin and Ethereum. SOL was capable of climb above the $100 degree.

There was a transfer above the 23.6% Fib retracement degree of the downward transfer from the $119 swing high to the $95.81 low. However, the bears are energetic under $110. There can also be a key bearish development line forming with resistance at $108 on the hourly chart of the SOL/USD pair.

Solana is now buying and selling under $105 and the 100-hourly easy transferring common. On the upside, fast resistance is close to the $108 degree, the development line, and the 50% Fib retracement degree of the downward transfer from the $119 swing high to the $95.81 low.

The subsequent main resistance is close to the $110 degree. The predominant resistance may very well be $115. A profitable shut above the $115 resistance zone may set the tempo for one more regular improve. The subsequent key resistance is $122. Any extra good points may ship the value towards the $125 degree.

Another Decline In SOL?

If SOL fails to rise above the $108 resistance, it may proceed to maneuver down. Initial help on the draw back is close to the $101 zone. The first main help is close to the $95 degree.

A break under the $95 degree may ship the value towards the $88 help zone. If there’s a shut under the $88 help, the value may decline towards the $80 zone within the close to time period.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

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

Major Support Levels – $101 and $95.

Major Resistance Levels – $108 and $115.

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