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Solana (SOL) Price Analysis: Bulls Struggle To Clear This Key Hurdle

Summary:
Solana price started a fresh decline from the .00 resistance zone against the US Dollar. The price is now trading below and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near .50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase). The pair could extend losses if there is a clear move below the .50 support zone. Solana price is trading below against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the .50 resistance zone. Solana (SOL) Price Analysis SOL price made a few attempts to gain strength above the resistance zone. However, the price failed to clear the zone and started a fresh decline. There was a steady decline below the .50

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  • Solana price started a fresh decline from the $35.00 resistance zone against the US Dollar.
  • The price is now trading below $33 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $32.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
  • The pair could extend losses if there is a clear move below the $30.50 support zone.

Solana price is trading below $35 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $33.50 resistance zone.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $35 resistance zone. However, the price failed to clear the $35 zone and started a fresh decline.

There was a steady decline below the $33.50 support and the 55 simple moving average (4-hours). The price declined below the $32.50 support and traded as low as $30.50. It is now consolidating losses above the $31.20 level.

On the upside, an immediate resistance is near the $32.50 level. There is also a key bearish trend line forming with resistance near $32.50 on the 4-hours chart of the SOL/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $38.99 swing high to $32.50 low.

The next major resistance is near the $34.50 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $38.99 swing high to $32.50 low is also near $34.75. A clear move above the $34.50 and $35.00 resistance levels might call for a steady increase.

The next major resistance sits near the $38.00 level. Any more gains might send sol price towards the $40.00 resistance zone.

On the downside, an initial support is near the $31.20 level. The next key support is near the $30.50 level. A downside break below the $30.50 support level might spark a major drop. In the stated case, the price may perhaps decline towards the $30 level.

Solana (SOL) Price Analysis: Bulls Struggle To Clear This Key Hurdle

Solana (SOL) Price

Looking at the chart, solana price is clearly trading below $33 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear move below the $30.50 support zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

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

Key Support Levels – $31.20 and $30.50.

Key Resistance Levels – $32.50, $34.50 and $35.00.

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