Wednesday , November 30 2022
Home / Altcoins / Solana (SOL) Price Analysis: Bullish Break Possible above $35

Solana (SOL) Price Analysis: Bullish Break Possible above $35

Summary:
Solana price started a decent increase from the .80 support against the US Dollar. The price is now trading above and the 55 simple moving average (4-hours). There is a major contracting triangle forming with support near .50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase). The pair must clear .50 and to continue higher in the near term. Solana price is trading above against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the resistance. Solana (SOL) Price Analysis SOL price remained in a bullish zone above the .80 and support levels. The bulls were active near the .50 zone. A base was formed and the price started a decent increase above the .20 level. There was a steady

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Nick Marinoff writes 24 Exchange and Talos Join Hands to Offer Crypto Trading to Institutions

Mayowa Adebajo writes Former FTX CEO Sam Bankman-Fried Faces Fresh Lawsuit from BlockFi

Ibukun Ogundare writes RBI Plans to Introduce Digital Rupee on December 1st

Nick Marinoff writes Bitfinex Hack Victims Are Still Waiting to Get Their Funds Back

  • Solana price started a decent increase from the $31.80 support against the US Dollar.
  • The price is now trading above $33 and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with support near $32.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $34.50 and $35 to continue higher in the near term.

Solana price is trading above $34 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $35 resistance.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone above the $31.80 and $32 support levels. The bulls were active near the $32.50 zone. A base was formed and the price started a decent increase above the $33.20 level.

There was a steady increase above the $34 level and the 55 simple moving average (4-hours). The bulls pushed the price above the 50% Fib retracement level of the downward move from the $35.22 swing high to $31.74 low.

It even spiked above the $34 level. The price is now trading above $34 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $34.40 level. Besides, there is a major contracting triangle forming with support near $32.50 on the 4-hours chart of the SOL/USD pair.

The triangle resistance is near the 76.4% Fib retracement level of the downward move from the $35.22 swing high to $31.74 low. The next major resistance is near the $35.00 level. Any more gains might send sol price towards the $38.50 resistance zone.

The next major resistance sits near the $40 level. On the downside, an initial support is near the $33.50 level. The next key support is near the $32.50 level. A downside break below the $32.50 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $31.20 level. Any more losses might call for a test of $30.

Solana (SOL) Price Analysis: Bullish Break Possible above $35

Solana (SOL) Price

Looking at the chart, solana price is clearly trading above $34 and the 55 simple moving average (4-hours). Overall, the price must clear $34.40 and $35 to continue higher in the near term.

Technical Indicators

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

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

Key Support Levels – $33.50 and $32.50.

Key Resistance Levels – $34.40, $35.20 and $38.00.

Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *