Solana (SOL) Price Analysis: Key Support Sits At $120

Solano price is losing pace above $120 against the US Dollar, similar to bitcoin. SOL could extend decline if it settles below the $120 support.

Solana (SOL) Price Analysis

SOL price formed a base above the $100.00 level. As a result, it started a decent increase and broke many hurdles near the $110.00 level.

The price even climbed above the $120.00 resistance and the 55 simple moving average (4-hours). There was a move $132 level and the price traded as high as $143.57. Recently, there was a downside correction below the $135 and $132 levels.

The price declined below the 50% Fib retracement level of the upward move from the 117.50 swing low to $143.57 high. It is now consolidating near the $124 support zone.

It is also testing the 76.4% Fib retracement level of the upward move from the 117.50 swing low to $143.57 high. There is also a major contracting triangle forming with support near $123 on the 4-hours chart of the SOL/USD pair.

The next key support is near the $120.00 level. A downside break below the $120 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $105 level.

On the upside, an immediate resistance is near the $130.00 level. The next major resistance on the upside is near the $132.00 level. To start another increase, the price must settle above the $132.00 level in the near term. The next major resistance could be $140.00, above which the price could rise to $150.00.

Solana (SOL) Price

Looking at the chart, solana price is clearly trading above $110.00 and the 55 simple moving average (4-hours). Overall, the price must clear $132 to continue higher in the near term.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now just below the 50 level.

Key Support Levels – $123.00 and $120.00.

Key Resistance Levels – $130.00, $132.00 and $140.00.

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