Solana price started a decent increase from the .80 support against the US Dollar. The price is now trading above .50 and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near .50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase). The pair must clear .00 and .50 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 .00 support levels. The bulls were active near the .00 zone. A base was formed and the price started a decent increase above the .50 level. There was
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- Solana price started a decent increase from the $26.80 support against the US Dollar.
- The price is now trading above $29.50 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $29.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $32.00 and $32.50 to continue higher in the near term.
Solana price is trading above $30 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $32 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $26.80 and $27.00 support levels. The bulls were active near the $27.00 zone. A base was formed and the price started a decent increase above the $28.50 level.
There was a steady increase above the $29.50 level and the 55 simple moving average (4-hours). Besides, there was a break above a major bearish trend line with resistance near $29.50 on the 4-hours chart of the SOL/USD pair. The pair even surged above the $30 level.
However, the bulls struggled to clear the $32.00 resistance zone. A high is formed near $32.38 and the price is now consolidating gains. It is now trading above $29.50 and the 55 simple moving average (4-hours).
It is also testing the 23.6% Fib retracement level of the upward move from the $26.84 swing low to $32.38 high. On the upside, an immediate resistance is near the $32.00 level. The next major resistance is near the $32.50 level. Any more gains might send sol price towards the $34.00 resistance zone.
The next major resistance sits near the $35 level. On the downside, an initial support is near the $30.50 level. The next key support is near the $30.00 level or the 50% Fib retracement level of the upward move from the $26.84 swing low to $32.38 high.
A downside break below the $30.00 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $28.00 level. Any more losses might call for a test of $26.50.
Solana (SOL) Price
Looking at the chart, solana price is clearly trading above $30 and the 55 simple moving average (4-hours). Overall, the price must clear $32.00 and $32.50 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 – $32.50 and $34.00.
Key Resistance Levels – $30.50, $30.00 and $28.80.