Solana price started a fresh increase from the .00 zone against the US Dollar. The price is now trading above .00 and the 55 simple moving average (4 hours). There is a key contracting triangle forming with resistance at 4.00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair must clear 4 and 5 to continue higher in the near term. Solana price is trading above against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the 5 resistance. Solana (SOL) Price Analysis SOL price started a decent upward move from the .00 support zone. The price formed a base and was able to climb above the and levels. There was a clear move above the 50% Fib retracement level of the recent decline from
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, sol, solana, Trading
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Solana price started a fresh increase from the $88.00 zone against the US Dollar.
- The price is now trading above $95.00 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance at $104.00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $104 and $105 to continue higher in the near term.
Solana price is trading above $95 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $105 resistance.
Solana (SOL) Price Analysis
SOL price started a decent upward move from the $88.00 support zone. The price formed a base and was able to climb above the $90 and $92 levels.
There was a clear move above the 50% Fib retracement level of the recent decline from the $105.44 swing high to the $93.01 low. The bulls were even able to push the price above the $95.00 resistance zone. However, the bears were active near the $100.00 resistance.
SOL is now trading above $95.00 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $100.00 level or the 61.8% Fib retracement level of the recent decline from the $105.44 swing high to the $93.01 low.
The next major resistance is near the $105.00 zone. There is also a key contracting triangle forming with resistance at $104.00 on the 4-hour chart of the SOL/USD pair.
Any more gains might send SOL price towards the $115.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $125.00 level. On the downside, initial support is near the $96.00 level.
The next major support is near the $88.00 level. A downside break below the $88.00 support level might push the price toward the $80.00 support. Any more losses might open the doors for more losses toward $75.00.
Looking at the chart, Solana price is trading above $95.00 and the 55 simple moving average (4 hours). Overall, the price must clear $100 and $105 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 – $95.00 and $88.00.
Key Resistance Levels – $100, $105, and $125.