Above the $100.00 level, the SOL price developed a base. As a result, it began to rise steadily and burst through many barriers near the $110.00 mark.
The price even surpassed the $120.00 resistance level as well as the 55 simple moving average (4-hours). There was a rise above the $132 mark, with the price reaching $143.57. A recent negative slump occurred below the $135 and $132 levels.
Price fell below the 50% Fib retracement level of the upward advance from the 117.50 swing low to the $143.57 high. It’s currently consolidated near the $124 support level.
The upward advance from the 117.50 swing low to the $143.57 high is also being tested at the 76.4 percent Fib retracement level.
On the 4-hours chart of the SOL/USD pair, a big contracting triangle is forming with support near $123.
The next important level of support is near $120.00. A breach below the $120 support level on the downside could trigger a severe drop. In the above scenario, the price may drop to around $105 per share.
On the upside, near the $130.00 level, there is immediate resistance. On the upside, the next big resistance is near the $132.00 level. In order to begin another increase, the price must rise above $132.00 in the near future. The price could rise to $150.00 if it breaks through the next major resistance level of $140.00.
The price of solana is definitely trading above $110.00 and the 55 simple moving average on the chart (4-hours). Overall, the price has to break through $132 in order to continue rising in the near term.
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