Solana failed to settle above $112 and extended losses. SOL price is now recovering above $102 but is facing many hurdles around $108 and $110.
- SOL price started a decent recovery wave above USD 100 and USD 102 against the US dollar.
- The price is now trading below $110 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $108 on the hourly chart of the SOL/USD pair (Kraken data source).
- The price could continue to rise if the $108 and $110 break free.
Solana Price faces resistance
Solana price remained stable and started a decent recovery wave from $95, just like Bitcoin and Ethereum. SOL was able to climb above the USD 100 level.
There was a move above the 23.6% Fib retracement level of the downward move from the $119 swing high to the $95.81 low. However, the bears are active below $110. There is also a major bearish trendline forming with resistance at $108 on the hourly chart of the SOL/USD pair.
Solana is now trading below $105 and the 100-hour moving average. On the upside, immediate resistance is near the $108 level, the trendline and the 50% Fib retracement level of the downward move from the $119 swing high to the $95.81 low.
The next major resistance is around the $110 level. The main resistance could be at $115. A successful close above the $115 resistance zone could set the pace for another steady rise. The next major resistance is $122. Any further gains could send the price towards the USD 125 level.
Another drop in the SOL?
If SOL fails to rise above the USD 108 resistance, the price could continue to decline. The initial downside support is near the $101 zone. The first major support is near the $95 level.
A break below the $95 level could send the price towards the $88 support zone. If there is a close below the $88 support, the price could fall towards the $80 zone in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $101 and $95.
Major resistance levels – $108 and $115.