{"id":34588,"date":"2023-12-29T04:52:45","date_gmt":"2023-12-29T08:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34588"},"modified":"2023-12-29T04:52:45","modified_gmt":"2023-12-29T08:52:45","slug":"sol-price-corrects-gains-but-the-rally-is-far-from-over-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/29\/sol-price-corrects-gains-but-the-rally-is-far-from-over-heres-why\/","title":{"rendered":"SOL Price Corrects Gains But The Rally Is Far From Over \u2013 Here\u2019s Why"},"content":{"rendered":"

Solana rallied above the $100 and $110 levels. SOL price is now correcting gains, but the bulls might remain active near the $100 level.<\/em><\/p>\n

SOL price started a fresh rally above the $100 resistance against the US Dollar.
\nThe price is now trading above $100 and the 100 simple moving average (4 hours).
\nThere is a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start a fresh rally unless there is a close below the $100 support.<\/p>\n

Solana Price Remains In Uptrend<\/h2>\n

In the past few days, Solana saw a major upward move above the $90 and $100 levels, unlike Bitcoin<\/a> and Ethereum<\/a>. SOL even rallied above the $120 level.<\/p>\n

A new multi-week high was formed near $126.13 and the price is now correcting gains. There was a move below the $115 and $112 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high.<\/p>\n

SOL is now trading above $100 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: SOLUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $112 level. The first major resistance is near the $120 level. The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $132. Any more gains might send the price toward the $145 level.<\/p>\n

More Losses in SOL?<\/h2>\n

If SOL fails to rally above the $120 resistance, it could continue to move down. Initial support on the downside is near the $100 level.<\/p>\n

The first major support is near the $90 level or the 61.8% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high, below which the price could test $80. If there is a close below the $80 support, the price could decline toward the $68 support in the near term.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is losing pace in the bullish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $100, and $92.<\/p>\n

Major Resistance Levels \u2013 $115, $120, and $125.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana rallied above the $100 and $110 levels. SOL price is now correcting gains, but the bulls might remain active near the $100 level.<\/em><\/p>\n

SOL price started a fresh rally above the $100 resistance against the US Dollar.
\nThe price is now trading above $100 and the 100 simple moving average (4 hours).
\nThere is a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start a fresh rally unless there is a close below the $100 support.<\/p>\n

Solana Price Remains In Uptrend<\/h2>\n

In the past few days, Solana saw a major upward move above the $90 and $100 levels, unlike Bitcoin<\/a> and Ethereum<\/a>. SOL even rallied above the $120 level.<\/p>\n

A new multi-week high was formed near $126.13 and the price is now correcting gains. There was a move below the $115 and $112 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high.<\/p>\n

SOL is now trading above $100 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: SOLUSD on TradingView.com<\/a><\/p>\n

On the upside, immediate resistance is near the $112 level. The first major resistance is near the $120 level. The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $132. Any more gains might send the price toward the $145 level.<\/p>\n

More Losses in SOL?<\/h2>\n

If SOL fails to rally above the $120 resistance, it could continue to move down. Initial support on the downside is near the $100 level.<\/p>\n

The first major support is near the $90 level or the 61.8% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high, below which the price could test $80. If there is a close below the $80 support, the price could decline toward the $68 support in the near term.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is losing pace in the bullish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for SOL\/USD is below the 50 level.<\/p>\n

Major Support Levels \u2013 $100, and $92.<\/p>\n

Major Resistance Levels \u2013 $115, $120, and $125.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34588","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34588"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34588\/revisions"}],"predecessor-version":[{"id":34593,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34588\/revisions\/34593"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34588"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}