- Solana price started a fresh decline from the $38 resistance zone against the US Dollar.
- The price is now trading below $35 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $32.40 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair could extend losses if there is a clear move below the $30.00 support zone.
Solana price is trading below $35 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $35 resistance zone.
Solana (SOL) Price Analysis
SOL price made a few attempts to gain strength above the $38 resistance zone. However, the price failed to clear the $38 zone and started a fresh decline.
There was a steady decline below the $35 support and the 55 simple moving average (4-hours). The bears pushed the price below the $32 support zone. The pair gained pace below the $31.50 level. A low was formed near $30.01 and the price is now consolidating losses.
There was a minor increase above the $31.50 level. There was a break above a key bearish trend line with resistance near $32.40 on the 4-hours chart of the SOL/USD pair.
The price is now trading below $35 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $34.00 level. The next major resistance is near the $34.20 level. It is near the 23.6% Fib retracement level of the downward move from the $48.10 swing high to $30.00 low.
Any more gains might send sol price towards the $39.00 resistance zone. It is near the 50% Fib retracement level of the downward move from the $48.10 swing high to $30.00 low.
On the downside, an initial support is near the $31.20 level. The next key support is near the $30 level. A downside break below the $30 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $28 level. Any more losses might call for a test of $25.
Looking at the chart, solana price is clearly trading below $35 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear move below the $30.00 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $31.20 and $30.00.
Key Resistance Levels – $34.00, $35.00 and $39.00.
