- Solana price started a decent increase above the $20 resistance against the US Dollar.
- The price is now trading below $25 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $23.75 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $25.00 and $26.40 to continue higher in the near term.
Solana price is trading in a positive zone above $20 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $25 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $18 and $20 support levels. The bulls were active near the $21.50 zone. A base was formed and the price started a decent increase above the $24.00 level.
There was a steady increase above the $25.00 level and the 55 simple moving average (4-hours). The pair even climbed above the $26.50 level. A high was formed near $26.72 before there was a downside correction. The price declined below the $25 support zone.
The price traded as low as $23.29 and is currently consolidating losses. It is now trading below $25 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $24.20 level and the 55 simple moving average (4-hours). It is near the 23.6% Fib retracement level of the downward move from the $26.77 swing high to $23.29 low. The next major resistance is near the $25.00 zone.
The 50% Fib retracement level of the downward move from the $26.77 swing high to $23.29 low is also near the $25 zone. Any more gains might send sol price towards the $26.40 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $30 level.
On the downside, an initial support is near the $23.80 level. There is also a major bullish trend line forming with support near $23.75 on the 4-hours chart of the SOL/USD pair.
A downside break below the $23.80 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $20.30 level. Any more losses might call for a test of $18.00.
Looking at the chart, solana price is clearly trading above $20 and the 55 simple moving average (4-hours). Overall, the price must clear $25.00 and $26.40 to continue higher in the near term.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Key Support Levels – $23.80 and $20.40.
Key Resistance Levels – $25.00, $26.40 and $30.00.
