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SOL Price Analysis: Solana Could Recover Further If It Holds This Support

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  • Solana price started a decent increase above the $16.00 resistance against the US Dollar.
  • The price is now trading below $16.50 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $16.20 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $17.00 and $17.78 to continue higher in the near term.

Solana price is trading above $16.00 against the US Dollar, similar to Bitcoin. SOL could start a strong increase if it clears the $17.78 resistance.

Solana (SOL) Price Analysis

SOL price started a decent recovery wave above the $15 pivot level. The price formed a base and was able to climb above the $15.50 and $16.00 levels.

There was a clear move above the 23.6% Fib retracement level of the key drop from the $22.32 swing high to the $13.20 low. The bulls were even able to pump the price above the $16.50 resistance zone. However, the bears were active near the $17.78 resistance.

The price struggled to surpass the 50% Fib retracement level of the key drop from the $22.32 swing high to the $13.20 low. SOL is now trading below $16.50 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $17.00 level. The next major resistance is near the $17.78 zone. Any more gains might send SOL price towards the $18.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $20.00 level.

On the downside, initial support is near the $16.20 level. There is also a major bullish trend line forming with support near $16.20 on the 4-hour chart of the SOL/USD pair.

The next major support is near the $15.30 level. A downside break below the $15.30 support level might push the price toward the $14.20 support. Any more losses might open the doors for more losses toward the $13.20 low in the coming sessions.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, Solana price is clearly trading just below $16.50 and the 55 simple moving average (4 hours). Overall, the price must clear $17.00 and $17.78 to continue higher in the near term.

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 – $16.20 and $15.30.

Key Resistance Levels – $17.00, $17.78, and $18.50.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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