Earn Your First Bitcoin Sign up and get Bonus Referral bonus up to ,000 Sign up Solana price started a decent increase above the .00 resistance against the US Dollar. The price is now trading below .50 and the 55 simple moving average (4 hours). There is a major bullish trend line forming with support near .20 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair must clear .00 and .78 to continue higher in the near term. Solana price is trading above .00 against the US Dollar, similar to Bitcoin. SOL could start a strong increase if it clears the .78 resistance. Solana (SOL) Price Analysis SOL price started a decent recovery wave above the
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, sol, solana, Trading
This could be interesting, too:
Chimamanda U. Martha writes European Banking Giant BNP Paribas Reports Exposure to Bitcoin ETF
Mayowa Adebajo writes Senator Lummis Challenges Government’s Stance on Crypto
Bhushan Akolkar writes Ethereum Network Growth Hits One-Year High, ETH Price to Follow Soon?
Godfrey Benjamin writes Top Solana Developer Shares Key Network Update
Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000
Sign up- Solana price started a decent increase above the $16.00 resistance against the US Dollar.
- The price is now trading below $16.50 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $16.20 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $17.00 and $17.78 to continue higher in the near term.
Solana price is trading above $16.00 against the US Dollar, similar to Bitcoin. SOL could start a strong increase if it clears the $17.78 resistance.
Solana (SOL) Price Analysis
SOL price started a decent recovery wave above the $15 pivot level. The price formed a base and was able to climb above the $15.50 and $16.00 levels.
There was a clear move above the 23.6% Fib retracement level of the key drop from the $22.32 swing high to the $13.20 low. The bulls were even able to pump the price above the $16.50 resistance zone. However, the bears were active near the $17.78 resistance.
The price struggled to surpass the 50% Fib retracement level of the key drop from the $22.32 swing high to the $13.20 low. SOL is now trading below $16.50 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $17.00 level. The next major resistance is near the $17.78 zone. Any more gains might send SOL price towards the $18.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $20.00 level.
On the downside, initial support is near the $16.20 level. There is also a major bullish trend line forming with support near $16.20 on the 4-hour chart of the SOL/USD pair.
The next major support is near the $15.30 level. A downside break below the $15.30 support level might push the price toward the $14.20 support. Any more losses might open the doors for more losses toward the $13.20 low in the coming sessions.
Solana (SOL) Price
Looking at the chart, Solana price is clearly trading just below $16.50 and the 55 simple moving average (4 hours). Overall, the price must clear $17.00 and $17.78 to continue higher in the near term.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $16.20 and $15.30.
Key Resistance Levels – $17.00, $17.78, and $18.50.