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HomeAltcoin NewsSolana (SOL) Price Analysis: Bulls Aim Recovery To $18.50

Solana (SOL) Price Analysis: Bulls Aim Recovery To $18.50

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  • Solana price started a decent increase above the $15.50 resistance against the US Dollar.
  • The price is now trading above $15.50 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $15.40 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $17.50 and $17.75 to continue higher in the near term.

Solana price is trading above $15.50 against the US Dollar, similar to Bitcoin. SOL could start a strong increase if it clears the $18.50 resistance.

Solana (SOL) Price Analysis

SOL price found support near the $13.20 zone. The price remained well-bid and recently started a decent increase above the $14.00 level. The bulls were able to push the price above $15.00.

It broke the 23.6% Fib retracement level of the main decline from the $22.33 swing high to the $13.21 low. It is now trading above $15.50 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $15.40 on the 4-hours chart of the SOL/USD pair.

On the upside, immediate resistance is near the $17.50 level. The next major resistance is near the $17.75 zone. It is close to the 50% Fib retracement level of the main decline from the $22.33 swing high to the $13.21 low.

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 $22.00 level.

On the downside, initial support is near the $16.00 level. The next major support is near the trend line zone at $15.40 and the 55 simple moving average (4 hours). A downside break below the $15.40 support level 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. The next major support is near $12.00.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, Solana price is clearly trading above $15.50 and the 55 simple moving average (4 hours). Overall, the price must clear $17.50 and $17.75 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 – $15.40 and $14.20.

Key Resistance Levels – $17.50, $17.75, 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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