Solana price started a downside correction from the 5 zone against the US Dollar. The price is now trading below 5 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 5 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 8. Solana (SOL) Price Analysis SOL price attempted more upsides above the 8 resistance zone. The price climbed above the 2 zone, but the bears were active near the 5 zone. A high was formed near 3.00 before there was a downside
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- Solana price started a downside correction from the $145 zone against the US Dollar.
- The price is now trading below $125 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $130 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $115 and $110 support levels to start another increase.
Solana price is trading above $110 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $128.
Solana (SOL) Price Analysis
SOL price attempted more upsides above the $128 resistance zone. The price climbed above the $132 zone, but the bears were active near the $145 zone.
A high was formed near $143.00 before there was a downside correction. The price declined below the $132 support zone. There was a break below a key bullish trend line with support at $130 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 $98.46 swing low to the $143.00 high. It is now trading below $125 and the 55 simple moving average (4 hours).
On the downside, initial support is near the $115 level. It is close to the 61.8% Fib retracement level of the upward wave from the $98.46 swing low to the $143.00 high. The next major support is near the $110 level. A downside break below the $110 support level might spark a sharp decline.
In the stated case, the price may perhaps decline toward the $102 level. Any more losses might call for a test of $98. On the upside, immediate resistance is near the $128 level. The next major resistance is near the $132 zone. Any more gains might send SOL price toward the $145 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $160 level.
Looking at the chart, Solana price is clearly trading below $125 and the 55 simple moving average (4 hours). Overall, the price must stay above the $115 and $110 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 – $115 and $110.
Key Resistance Levels – $128, $132, and $145.