Saturday , November 2 2024
Home / Altcoins / Solana (SOL) Price Analysis: More Gains Possible Above $110

Solana (SOL) Price Analysis: More Gains Possible Above $110

Summary:
Solana price extended decline below the 0 support against the US Dollar. The price is now back above 0 and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near 2 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase). The pair must clear 0 to continue higher in the near term. Solana price is recovering above 0 against the US Dollar, similar to bitcoin. SOL could gain pace if there is a clear move above the 0 level. Solana (SOL) Price Analysis SOL price attempted an upside break above the 0 level, but failed. As a result, it started a fresh decline below the 2 and 0 support levels. The pair even settled below the 0 support zone and the 55 simple moving average

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

This could be interesting, too:

Wayne Jones writes VanEck Europe Enables SOL Staking for its M Solana ETN

Chayanika Deka writes Solana-Based Pump.fun Sells 40,000 SOL Worth .68M in Latest Transaction: Data

Chayanika Deka writes Optimism for Republican Win Drives .2 Billion in Weekly Inflows into BTC, ETH Products

Wayne Jones writes New Record as Blockchains Reach 220M Active Addresses: a16z

  • Solana price extended decline below the $100 support against the US Dollar.
  • The price is now back above $100 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $102 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $110 to continue higher in the near term.

Solana price is recovering above $100 against the US Dollar, similar to bitcoin. SOL could gain pace if there is a clear move above the $110 level.

Solana (SOL) Price Analysis

SOL price attempted an upside break above the $110 level, but failed. As a result, it started a fresh decline below the $102 and $100 support levels.

The pair even settled below the $110 support zone and the 55 simple moving average (4-hours). It even spiked below the $95 level and traded as low as $94.96. It is now correcting losses and trading above $100. There was a break above a major bearish trend line with resistance near $102 on the 4-hours chart of the SOL/USD pair.

The pair surpassed the 23.6% Fib retracement level of the downward move from the $144 swing high to $94 swing low. On the upside, an immediate resistance is near the $110 level.

The next major resistance on the upside is near the $118.00 level. The main resistance sits near the $120 level. It is near the 50% Fib retracement level of the downward move from the $144 swing high to $94 swing low. To start another increase, the price must settle above the $110.00 and $120.00 levels in the near term.

The next major resistance could be $132.00, above which the price could rise to $140.00. On the downside, there is a key support near $102 and the 55 simple moving average (4-hours).

The next key support is near the $98 level. A downside break below the $98 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $85 level.

Solana (SOL) Price

Solana (SOL) Price

Looking at the chart, solana price is clearly trading above $100.00 and the 55 simple moving average (4-hours). Overall, the price must clear $110 to continue higher in the near term.

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 above the 50 level.

Key Support Levels – $102.00 and $98.00.

Key Resistance Levels – $110.00, $120.00 and $140.00.

Tags: ,

Leave a Reply

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