{"id":35261,"date":"2024-01-19T05:53:59","date_gmt":"2024-01-19T09:53:59","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35261"},"modified":"2024-01-19T05:53:59","modified_gmt":"2024-01-19T09:53:59","slug":"sol-price-reaches-make-or-break-levels-can-solana-pump-again","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/19\/sol-price-reaches-make-or-break-levels-can-solana-pump-again\/","title":{"rendered":"SOL Price Reaches Make-or-Break Levels \u2013 Can Solana Pump Again?"},"content":{"rendered":"

Solana is moving lower from the $120 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $80 support.<\/em><\/p>\n

SOL price started a fresh decline from the $120 resistance against the US Dollar.
\nThe price is now trading below $102 and the 100 simple moving average (4 hours).
\nThere is a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could continue to move down toward the $85 support or even $80.<\/p>\n

Solana Price Faces Uphill Task<\/h2>\n

After a steady increase, Solana bulls struggled to clear the $120 resistance. SOL price formed a short-term top and started a fresh decline below the $112 support, like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

There was a steady decline below the $105 level. The bears pushed the price below the $100 level. It tested the $91.50 support. A low is formed near $91.38, and the price is now consolidating losses. There is also a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

SOL is now trading below $102 and the 100 simple moving average (4 hours). Immediate resistance is near the $97.40 level. It is close to the 50% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.<\/p>\n

The first major resistance is near the $100 level or the 76.4% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.<\/p>\n

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

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

The main resistance is now near $102. A successful close above the $102 resistance could set the pace for another major rally. The next key resistance is near $112. Any more gains might send the price toward the $120 level.<\/p>\n

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

If SOL fails to rally above the $102 resistance, it could continue to move down. Initial support on the downside is near the $92.00 level.<\/p>\n

The first major support is near the $85.20 level, below which the price could test $80. If there is a close below the $68 support, the price could decline toward the $74.50 support in the near term.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish 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 $85, and $80.<\/p>\n

Major Resistance Levels \u2013 $97.40, $102, and $112.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana is moving lower from the $120 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $80 support.<\/em><\/p>\n

SOL price started a fresh decline from the $120 resistance against the US Dollar.
\nThe price is now trading below $102 and the 100 simple moving average (4 hours).
\nThere is a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could continue to move down toward the $85 support or even $80.<\/p>\n

Solana Price Faces Uphill Task<\/h2>\n

After a steady increase, Solana bulls struggled to clear the $120 resistance. SOL price formed a short-term top and started a fresh decline below the $112 support, like Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

There was a steady decline below the $105 level. The bears pushed the price below the $100 level. It tested the $91.50 support. A low is formed near $91.38, and the price is now consolidating losses. There is also a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL\/USD pair.<\/p>\n

SOL is now trading below $102 and the 100 simple moving average (4 hours). Immediate resistance is near the $97.40 level. It is close to the 50% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.<\/p>\n

The first major resistance is near the $100 level or the 76.4% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.<\/p>\n

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

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

The main resistance is now near $102. A successful close above the $102 resistance could set the pace for another major rally. The next key resistance is near $112. Any more gains might send the price toward the $120 level.<\/p>\n

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

If SOL fails to rally above the $102 resistance, it could continue to move down. Initial support on the downside is near the $92.00 level.<\/p>\n

The first major support is near the $85.20 level, below which the price could test $80. If there is a close below the $68 support, the price could decline toward the $74.50 support in the near term.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for SOL\/USD is gaining pace in the bearish 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 $85, and $80.<\/p>\n

Major Resistance Levels \u2013 $97.40, $102, and $112.<\/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-35261","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\/35261","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=35261"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35261\/revisions"}],"predecessor-version":[{"id":35265,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35261\/revisions\/35265"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35261"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}