{"id":35447,"date":"2024-01-25T05:52:59","date_gmt":"2024-01-25T09:52:59","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35447"},"modified":"2024-01-25T05:52:59","modified_gmt":"2024-01-25T09:52:59","slug":"sol-price-recovery-could-soon-fade-if-solana-fails-to-clear-this-hurdle","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/25\/sol-price-recovery-could-soon-fade-if-solana-fails-to-clear-this-hurdle\/","title":{"rendered":"SOL Price Recovery Could Soon Fade If Solana Fails To Clear This Hurdle"},"content":{"rendered":"

Solana is attempting a recovery wave from the $80 zone. SOL price could struggle to clear the $92 and $94 resistance levels in the near term.<\/em><\/p>\n

SOL price started a fresh decline from the $104 resistance against the US Dollar.
\nThe price is now trading below $95 and the 100 simple moving average (4 hours).
\nThere was a break above a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start another decline if it fails to clear the $92 or $94 resistance.<\/p>\n

Solana Price Faces Key Hurdles<\/h2>\n

Solana price started a fresh decline like Bitcoin<\/a> and traded below the $95 support zone. There was a clear move below the $92 and $90 support levels.<\/p>\n

Finally, SOL price found support near the $79 zone. A low was formed near $78.96, and the price is now attempting a recovery wave like Ethereum<\/a>. There was a move above the $84 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low.<\/p>\n

Besides, there was a break above a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL\/USD pair. It is now trading below $95 and the 100 simple moving average (4 hours).<\/p>\n

Immediate resistance is near the $91.20 level. It is close to the 50% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low. The first major resistance is near the $94 level or the 100 hourly SMA.<\/p>\n

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

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

The main resistance is now near $98. A successful close above the $98 resistance could set the pace for another major increase. The next key resistance is near $112. Any more gains might send the price toward the $120 level.<\/p>\n

Another Decline in SOL?<\/h2>\n

If SOL fails to rally above the $91.20 resistance, it could start another decline. Initial support on the downside is near the $84.80 level.<\/p>\n

The first major support is near the $80.00 level, below which the price could test $75.00. If there is a close below the $68 support, the price could decline toward the $72.50 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 $84.80, and $80.00.<\/p>\n

Major Resistance Levels \u2013 $91.20, $94.00, and $98.00.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Solana is attempting a recovery wave from the $80 zone. SOL price could struggle to clear the $92 and $94 resistance levels in the near term.<\/em><\/p>\n

SOL price started a fresh decline from the $104 resistance against the US Dollar.
\nThe price is now trading below $95 and the 100 simple moving average (4 hours).
\nThere was a break above a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL\/USD pair (data source from Kraken).
\nThe pair could start another decline if it fails to clear the $92 or $94 resistance.<\/p>\n

Solana Price Faces Key Hurdles<\/h2>\n

Solana price started a fresh decline like Bitcoin<\/a> and traded below the $95 support zone. There was a clear move below the $92 and $90 support levels.<\/p>\n

Finally, SOL price found support near the $79 zone. A low was formed near $78.96, and the price is now attempting a recovery wave like Ethereum<\/a>. There was a move above the $84 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low.<\/p>\n

Besides, there was a break above a key bearish trend line with resistance at $85.00 on the 4-hour chart of the SOL\/USD pair. It is now trading below $95 and the 100 simple moving average (4 hours).<\/p>\n

Immediate resistance is near the $91.20 level. It is close to the 50% Fib retracement level of the downward move from the $103.40 swing high to the $78.96 low. The first major resistance is near the $94 level or the 100 hourly SMA.<\/p>\n

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

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

The main resistance is now near $98. A successful close above the $98 resistance could set the pace for another major increase. The next key resistance is near $112. Any more gains might send the price toward the $120 level.<\/p>\n

Another Decline in SOL?<\/h2>\n

If SOL fails to rally above the $91.20 resistance, it could start another decline. Initial support on the downside is near the $84.80 level.<\/p>\n

The first major support is near the $80.00 level, below which the price could test $75.00. If there is a close below the $68 support, the price could decline toward the $72.50 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 $84.80, and $80.00.<\/p>\n

Major Resistance Levels \u2013 $91.20, $94.00, and $98.00.<\/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-35447","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\/35447","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=35447"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35447\/revisions"}],"predecessor-version":[{"id":35455,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35447\/revisions\/35455"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35447"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}