Solana Price Declines Below $112, Struggles to Maintain $100 Support
Solana Price Movement Overview
- Solana (SOL) declined below the $112 support zone.
- Current trading price is below $105 and the 100-hour moving average.
- A break occurred below a contracting triangle with support at $118.
- Further decline may occur if SOL breaks below the $100 support zone.
Price Decline Details
- SOL price decreased over 15%, reaching a low of $102.
- The price remains below the 23.6% Fibonacci retracement level from the recent high of $121.
- Resistance levels identified are at $105, $112, and $116.
- A close above $116 could lead to gains towards $120 or $125.
Potential for Further Decline
- If SOL does not surpass the $105 resistance, another decline may begin.
- Initial support is at $102, with major support at $100.
- A break below $100 could lead to further declines towards $92 and possibly $84.
Technical Indicators
- MACD shows increasing bearish momentum.
- RSI is below the 50 level.
- Major support levels: $102 and $100.
- Major resistance levels: $105 and $112.