Wed. May 22nd, 2024

Solana (SOL) Price Corrects Gains, but Bullish Trend Remains Intact

Key Points:

  • Solana (SOL) price is correcting gains after a rally above $100 and $110 levels.
  • However, the bulls are expected to remain active near the $100 support level.
  • A key bullish trend line is forming with support near $102 on the 4-hour chart.
  • If the price stays above $100, a fresh rally could be seen.
  • The immediate resistance levels are $112, $120, and $125.
  • If the price fails to rally above $120, it could continue to move down.
  • The major support levels are $100, $90, and $80.
  • Technical indicators show the MACD losing pace in the bullish zone and the RSI below the 50 level.

Despite the correction in Solana’s price, the overall trend remains bullish. As long as the price stays above the $100 support level, there is a possibility of a fresh rally. The immediate resistance levels to watch are $112, $120, and $125. On the other hand, if the price fails to rally above $120, we may see further downside movement with support levels at $100, $90, and $80. Traders should keep an eye on the technical indicators, with the MACD losing momentum and the RSI below the 50 level. Overall, Solana’s price action indicates a potential for both further gains and losses in the near term.

By Prim

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