Solana price started a downside correction from the 5 zone against the US Dollar. The price is now trading above 5 and the 55 simple moving average (4 hours). There is a key bullish trend line forming with support near 4 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair must stay above the 4 and 0 support levels to start another increase. Solana price is trading above 0 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above 5. Solana (SOL) Price Analysis SOL price attempted more upsides above the 0 resistance zone. The price climbed above the 5 zone, but the bears were active near the 5 zone. A high was formed near 5.97 before there was a downside
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 downside correction from the $125 zone against the US Dollar.
- The price is now trading above $105 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $104 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $104 and $100 support levels to start another increase.
Solana price is trading above $100 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $115.
Solana (SOL) Price Analysis
SOL price attempted more upsides above the $100 resistance zone. The price climbed above the $105 zone, but the bears were active near the $125 zone.
A high was formed near $125.97 before there was a downside correction. The price declined below the $115 support zone. The bears were able to push the price below the 23.6% Fib retracement level of the upward wave from the $67.00 swing low to the $125.97 high.
It is now trading below $100 and the 55 simple moving average (4 hours). On the downside, initial support is near the $104 level. There is also a key bullish trend line forming with support near $104 on the 4-hour chart of the SOL/USD pair.
The next major support is near the $100 and $95 levels. It is close to the 50% Fib retracement level of the upward wave from the $67.00 swing low to the $125.97 high.
A downside break below the $100 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $85 level. Any more losses might call for a test of $80. On the upside, immediate resistance is near the $115 level.
The next major resistance is near the $125 zone. Any more gains might send SOL price toward the $140 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $150 level.
Looking at the chart, Solana price is clearly trading above $100 and the 55 simple moving average (4 hours). Overall, the price must stay above the $104 and $100 support levels to start another increase.
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 – $104 and $100.
Key Resistance Levels – $115, $125, and $140.