Solana price started a fresh decline from the .00 zone against the US Dollar. The price is now trading below .00 and the 55 simple moving average (4-hours). There is a major bearish trend line forming with resistance near .85 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase). The pair must clear .00 and then .00 to start a fresh increase in the near term. Solano price is struggling to settle above the .00 resistance against the US Dollar, similar to bitcoin. SOL even spiked above .000, but it failed to stay in the positive zone. Solana (SOL) Price Analysis SOL price formed a base above the .50 level. As a result, it started a decent increase and broke many hurdles near the .00 level. The price even spiked above the .00
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- Solana price started a fresh decline from the $90.00 zone against the US Dollar.
- The price is now trading below $85.00 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $83.85 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $84.00 and then $85.00 to start a fresh increase in the near term.
Solano price is struggling to settle above the $85.00 resistance against the US Dollar, similar to bitcoin. SOL even spiked above $85.000, but it failed to stay in the positive zone.
Solana (SOL) Price Analysis
SOL price formed a base above the $77.50 level. As a result, it started a decent increase and broke many hurdles near the $80.00 level.
The price even spiked above the $84.00 resistance and the 55 simple moving average (4-hours). There was a move above the 50% Fib retracement level of the main decline from the $89.93 swing high to $77.74 swing low.
Finally, there was a move above the $85.00 resistance level. However, the price struggled near $86.00. It tested the 61.8% Fib retracement level of the main decline from the $89.93 swing high to $77.74 swing low. The bears protected a clear upside break and the price trimmed gains from $86.00.
It is now trading below $85.00 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $84.00 level.
The next major resistance on the upside is near the $85.00 level. There is also a major bearish trend line forming with resistance near $83.85 on the 4-hours chart of the SOL/USD pair. To start another increase, the price must settle above the $84.00 level in the near term.
The next major resistance could be $86.00, above which the price could rise to $92.00. If there is no upside break, the price might start a decline below the $80.00 level.
The next key support is near the $77.80 level, below which there is a risk of a move towards the $75.50 level. Any more losses might call for a test of the key $72.00 support zone.
Solana (SOL) Price
Looking at the chart, solana price is clearly trading below $85.00 and the 55 simple moving average (4-hours). Overall, the price must clear $84.00 and then $85.00 to start a fresh increase in the near term.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now just above the 50 level.
Key Support Levels – $80.00 and $77.80.
Key Resistance Levels – $84.00, $85.00 and $86.00.