HomeAltcoin NewsSOL Price Analysis: Solana Rally Seems Unstoppable Above $40

SOL Price Analysis: Solana Rally Seems Unstoppable Above $40

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  • Solana price started a fresh increase wave above the $40.00 resistance against the US Dollar.
  • The price is now trading above $40.00 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $40.80 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $44.80 and $46.00 to continue higher in the near term.

Solana price is trading above $40.00 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $44.80 resistance.

Solana (SOL) Price Analysis

SOL price started a decent upward move from the $38.00 support zone. The price formed a base and was able to climb above the $39.50 and $40.00 levels.

There was a clear move above the 50% Fib retracement level of the downward move from the $46.97 swing high to the $38.02 low. The bulls were even able to push the price above the $42.50 resistance zone. However, the bears were active near the $44.80 resistance.

The price struggled to surpass the 76.4% Fib retracement level of the downward move from the $46.97 swing high to the $38.02 low. SOL is now trading above $40.00 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $44.80 level. The next major resistance is near the $46.00 zone. Any more gains might send SOL price towards the $48.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $50.00 level.

On the downside, initial support is near the $42.20 level. The next major support is near the $40.50 level. There is also a key bullish trend line forming with support near $40.80 on the 4-hour chart of the SOL/USD pair.

A downside break below the $40.00 support level might push the price toward the $38.00 support. Any more losses might open the doors for more losses toward $35.00.

SOL Price
SOL Price

Looking at the chart, Solana price is trading above $40.00 and the 55 simple moving average (4 hours). Overall, the price must clear $44.80 and $46.00 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 – $42.20 and $40.00.

Key Resistance Levels – $44.80, $46.00, and $50.00.

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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