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Solana (SOL) Surges, Faces Crucial Resistance Levels

2024/01/02 15:54

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SOL breaks $100 resistance hits Fibonacci milestone

Breaking Resistance and Technical Analysis SOL notably breached the $100 resistance, a significant milestone, propelled by the 50% Fibonacci retracement level breach. Additionally, the SOL/USD pair's 4-hour chart saw a pivotal breakout from a contracting triangle near $104.

SOL outlook: Upside potential to $145; support at $100

Present Position and Upside Potential SOL now trades above $105, securing above the 100 simple moving average (4 hours). Immediate resistance lies near $114, followed by significant barriers at $118 and $125. A successful breach of $125 could mark a substantial rally, targeting $138 and potentially $145.

Potential Downside Correction and Support Levels In case of a reversal, initial support is near $108, pivotal in SOL's historical movements. Deeper support resides at $100 and the 100 simple moving average, critical for SOL's price stability. A breach below may test support at $94, with a further decline targeting the $80 level.

SOL faces critical resistance, while its upward trajectory continues to attract attention. Support levels will be crucial in navigating potential corrections.

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