Solana price started a downside correction from the 8 zone against the US Dollar. The price is now trading below 2 and the 55 simple moving average (4 hours). There was a break below a key bullish trend line with support at 0 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair must stay above the 3 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 0. Solana (SOL) Price Analysis SOL price attempted more upsides above the 6 resistance zone. The price climbed above the 2 zone, but the bears were active near the 8 zone. A high was formed near 8.71 before there was a downside
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- Solana price started a downside correction from the $118 zone against the US Dollar.
- The price is now trading below $112 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $110 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $103 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 $110.
Solana (SOL) Price Analysis
SOL price attempted more upsides above the $106 resistance zone. The price climbed above the $112 zone, but the bears were active near the $118 zone.
A high was formed near $118.71 before there was a downside correction. The price declined below the $112 support zone. There was a break below a key bullish trend line with support at $110 on the 4-hour chart of the SOL/USD pair.
The bears were able to push the price below the 50% Fib retracement level of the upward wave from the $93.04 swing low to the $118.71 high. It is now trading below $112 and the 55 simple moving average (4 hours).
On the downside, initial support is near the $103.50 level. It is close to the 61.8% Fib retracement level of the upward wave from the $93.04 swing low to the $118.71 high. The next major support is near the $100 level. A downside break below the $100 support level might spark a sharp decline.
In the stated case, the price may perhaps decline toward the $92 level. Any more losses might call for a test of $85. On the upside, immediate resistance is near the $110 level. The next major resistance is near the $115 zone. Any more gains might send SOL price toward the $125 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $132 level.
Looking at the chart, Solana price is clearly trading below $110 and the 55 simple moving average (4 hours). Overall, the price must stay above the $103 and $100 support levels to start another increase.
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 – $103 and $100.
Key Resistance Levels – $110, $115, and $125.