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Home»Analysis»SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?
Analysis

SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?

2024-01-19No Comments3 Mins Read
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Solana is shifting decrease from the $120 resistance. SOL worth is exhibiting a couple of bearish indicators and may decline sharply towards the $80 help.

  • SOL worth began a contemporary decline from the $120 resistance in opposition to the US Greenback.
  • The worth is now buying and selling under $102 and the 100 easy shifting common (4 hours).
  • There’s a key contracting triangle forming with resistance close to $102 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
  • The pair might proceed to maneuver down towards the $85 help and even $80.

Solana Worth Faces Uphill Process

After a gentle enhance, Solana bulls struggled to clear the $120 resistance. SOL worth shaped a short-term high and began a contemporary decline under the $112 help, like Bitcoin and Ethereum.

There was a gentle decline under the $105 stage. The bears pushed the value under the $100 stage. It examined the $91.50 help. A low is shaped close to $91.38, and the value is now consolidating losses. There may be additionally a key contracting triangle forming with resistance close to $102 on the 4-hour chart of the SOL/USD pair.

SOL is now buying and selling under $102 and the 100 easy shifting common (4 hours). Fast resistance is close to the $97.40 stage. It’s near the 50% Fib retracement stage of the downward transfer from the $103.39 swing excessive to the $91.38 low.

The primary main resistance is close to the $100 stage or the 76.4% Fib retracement stage of the downward transfer from the $103.39 swing excessive to the $91.38 low.

See also  Bitcoin Price Restarts Increase But This Resistance Is The Key

SOL Price

Supply: SOLUSD on TradingView.com

The principle resistance is now close to $102. A profitable shut above the $102 resistance might set the tempo for one more main rally. The subsequent key resistance is close to $112. Any extra positive factors may ship the value towards the $120 stage.

Extra Losses in SOL?

If SOL fails to rally above the $102 resistance, it might proceed to maneuver down. Preliminary help on the draw back is close to the $92.00 stage.

The primary main help is close to the $85.20 stage, under which the value might check $80. If there’s a shut under the $68 help, the value might decline towards the $74.50 help within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bearish zone.

4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is under the 50 stage.

Main Help Ranges – $85, and $80.

Main Resistance Ranges – $97.40, $102, and $112.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site fully at your personal threat.

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Levels MakeorBreak Price pump Reaches SOL Solana
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