SOL Price Reaches Make-or-Break Levels

SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?

Jan 19, 2024 08:00 am Cryptocurrency 184

Solana is moving lower from the $120 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $80 support.

SOL price started a fresh decline from the $120 resistance against the US Dollar.

The price is now trading below $102 and the 100 simple moving average (4 hours).

There is a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair (data source from Kraken).

The pair could continue to move down toward the $85 support or even $80.

Solana Price Faces Uphill Task

After a steady increase, Solana bulls struggled to clear the $120 resistance. SOL price formed a short-term top and started a fresh decline below the $112 support, like Bitcoin and Ethereum.

There was a steady decline below the $105 level. The bears pushed the price below the $100 ..

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