Solana Price Rises Above $105 but Faces $120 Resistance

Solana (SOL) has initiated a price increase from the $100 support zone, currently consolidating near resistance levels.

SOL price increased above $105 and $112 against the US Dollar.
Price is above $105 and the 100-hourly simple moving average.
A bearish trend line at $107 was broken on the hourly chart of SOL/USD.
A potential fresh increase could occur if resistance at $120 is cleared.

Price Movement

SOL formed a base above $100, gaining over 10% and breaking above $110 and $112. A high of $120.10 was reached before retreating.

The price is now below the 23.6% Fib retracement level from the swing low of $101.24 to the high of $120.10, but remains above $105 and the 100-hourly moving average.

Resistance and Support Levels

Current resistance levels are:

$118
$120
$125 (major resistance for further increases)
$132 (next key resistance)
$140 (potential target if gains continue)

Downside risks include:

Initial support near $112
Major support at $110 and the 50% Fib retracement level
Further decline possible if below $105, targeting $100

Technical Indicators

MACD indicates a slowdown in bullish momentum. RSI remains above 50.