- 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.
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.
