- 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.
