Solana price started a fresh increase from the 2.00 zone against the US Dollar. The price is now trading above 0 and the 55 simple moving average (4 hours). There was a break above a key bearish trend line with resistance at 5 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair must clear 5 and 8 to continue higher in the near term. Solana price is trading above 0 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the 8 resistance. Solana (SOL) Price Analysis SOL price started a decent upward move from the 2.00 support zone. The price formed a base and was able to climb above the 2 and 0 levels. There was a clear move above the 50% Fib retracement level of the downward move
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, sol, solana, Trading
This could be interesting, too:
Chayanika Deka writes Pantera Capital’s Fund V Targets Billion for Diverse Blockchain Investments
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
- Solana price started a fresh increase from the $162.00 zone against the US Dollar.
- The price is now trading above $180 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance at $175 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $195 and $198 to continue higher in the near term.
Solana price is trading above $180 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $198 resistance.
Solana (SOL) Price Analysis
SOL price started a decent upward move from the $162.00 support zone. The price formed a base and was able to climb above the $172 and $180 levels.
There was a clear move above the 50% Fib retracement level of the downward move from the $209 swing high to the $162 low. The bulls were even able to push the price above the $185 resistance zone. Besides, there was a break above a key bearish trend line with resistance at $175 on the 4-hour chart of the SOL/USD pair.
However, the bears were active near the $198 resistance. SOL is now trading above $180 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $198 level or the 76.4% Fib retracement level of the downward move from the $209 swing high to the $162 low.
The next major resistance is near the $200 zone. Any more gains might send SOL price towards the $220 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $232 level.
On the downside, initial support is near the $185 level. The next major support is near the $180 level. A downside break below the $180 support level might push the price toward the $172 support. Any more losses might open the doors for more losses toward $162.
Looking at the chart, Solana price is trading above $180 and the 55 simple moving average (4 hours). Overall, the price must clear $195 and $198 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 – $185 and $180.
Key Resistance Levels – $195, $198, and $210.