Solana (SOL) Keeps $100 Alive, Recovery Push Faces First Test

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Solana failed to settle above $112 and extended losses. SOL price is now recovering above $102 but faces many hurdles near $108 and $110. SOL price started a decent recovery wave above $100 and $102 against the US Dollar. The price is now trading below $110 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $108 on the hourly chart of the SOL/USD pair (data source from Kraken). The price could continue to move up if it clears $108 and $110. Solana Price Faces Resistance Solana price remained stable and started a decent recovery wave from $95, like Bitcoin and Ethereum . SOL was able to climb above the $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 key bearish trend line forming with resistance at $108 on the hourly chart of the SOL/USD pair. Solana is now trading below $105 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $108 level, the trend line, and the 50% Fib retracement level of the downward move from the $119 swing high to the $95.81 low. Source: SOLUSD on TradingView.com The next major resistance is near the $110 level. The main resistance could be $115. A successful close above the $115 resistance zone could set the pace for another steady increase. The next key resistance is $122. Any more gains might send the price toward the $125 level. Another Decline In SOL? If SOL fails to rise above the $108 resistance, it could continue to move down. Initial support on the downside is near the $101 zone. The first major support is near the $95 level. A break below the $95 level might send the price toward the $88 support zone. If there is a close below the $88 support, the price could decline toward the $80 zone in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours 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.