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HomeAltcoin NewsSolana (SOL) Price Analysis: Bulls Aim Upsides Above $40

Solana (SOL) Price Analysis: Bulls Aim Upsides Above $40

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  • Solana price started a decent increase from the $25 support against the US Dollar.
  • The price is now trading above $30 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $31.80 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $38 and $40 to continue higher in the near term.

Solano price is struggling below $40 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $40 resistance.

Solana (SOL) Price Analysis

SOL price remained in a bearish zone below the $50 and $40 levels. There was another decline and the price traded below the $30 support zone.

However, the bulls were active above the $25 zone. A low was formed near $26 and the price started a steady increase. There was a clear move above the $28 and $30 resistance levels. The price surged above the 50% Fib retracement level of the downward move from the $45 swing high to $26 low.

Besides, there was a break above a major bearish trend line with resistance near $31.80 on the 4-hours chart of the SOL/USD pair. The pair is now trading above $30 and the 55 simple moving average (4-hours).

It tested the 61.8% Fib retracement level of the downward move from the $45 swing high to $26 low. However, the price struggled to gain pace above $38. On the upside, an immediate resistance is near the $38.00 level. The next major resistance is near the $40 level.

Any more gains might send sol price towards the $50 resistance zone. The next major resistance sits near the $55 level. On the downside, an initial support is near the $32 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 $26 level. Any more losses might call for a test of $22.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, solana price is clearly trading above $30 and the 55 simple moving average (4-hours). Overall, the price must clear $38 and $40 to start a fresh recovery wave 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 near the 55 level.

Key Support Levels – $32.00 and $30.00.

Key Resistance Levels – $38.00, $40.00 and $50.00.

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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