- Solana price started a decent increase from the $31.80 support against the US Dollar.
- The price is now trading above $33 and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with support near $32.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $34.50 and $35 to continue higher in the near term.
Solana price is trading above $34 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $35 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $31.80 and $32 support levels. The bulls were active near the $32.50 zone. A base was formed and the price started a decent increase above the $33.20 level.
There was a steady increase above the $34 level and the 55 simple moving average (4-hours). The bulls pushed the price above the 50% Fib retracement level of the downward move from the $35.22 swing high to $31.74 low.
It even spiked above the $34 level. The price is now trading above $34 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $34.40 level. Besides, there is a major contracting triangle forming with support near $32.50 on the 4-hours chart of the SOL/USD pair.
The triangle resistance is near the 76.4% Fib retracement level of the downward move from the $35.22 swing high to $31.74 low. The next major resistance is near the $35.00 level. Any more gains might send sol price towards the $38.50 resistance zone.
The next major resistance sits near the $40 level. On the downside, an initial support is near the $33.50 level. The next key support is near the $32.50 level. A downside break below the $32.50 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $31.20 level. Any more losses might call for a test of $30.
Looking at the chart, solana price is clearly trading above $34 and the 55 simple moving average (4-hours). Overall, the price must clear $34.40 and $35 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 – $33.50 and $32.50.
Key Resistance Levels – $34.40, $35.20 and $38.00.
