NewsBTC
11 hour ago
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BEARISH 📉 : Solana struggles to overcome $108 resistance amid price recovery

Solana's price is recovering above $102 after failing to settle above $112. It faces resistance near $108 and $110 as it trades below the 100-hourly simple moving average.

  • SOL initiated a recovery wave from $95, similar to [Bitcoin](https://holder.io/coins/btc/) and [Ethereum](https://holder.io/coins/eth/).
  • The price surpassed the 23.6% Fib retracement level of its previous decline.
  • A bearish trend line provides resistance at $108 on the SOL/USD hourly chart.

Solana Price

Resistance Levels:

  • Immediate resistance is at $108, aligning with the trend line and the 50% Fib retracement level.
  • Further resistance is at $110 and potentially at $115, which could lead to a rise towards $122 and $125.

Support Levels:

  • Initial downside support is at $101, with significant support at $95.
  • A break below $95 might lead to a decline towards $88, and further down to $80.

Technical Indicators:

  • Hourly MACD shows bullish momentum for SOL/USD.
  • RSI is above 50, indicating positive momentum.