HomeAltcoin NewsSolana (SOL) Price Analysis: Dips Are Protected Near $110

Solana (SOL) Price Analysis: Dips Are Protected Near $110

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  • Solana price started a downside correction from the $145 zone against the US Dollar.
  • The price is now trading below $125 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support at $130 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must stay above the $115 and $110 support levels to start another increase.

Solana price is trading above $110 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $128.

Solana (SOL) Price Analysis

SOL price attempted more upsides above the $128 resistance zone. The price climbed above the $132 zone, but the bears were active near the $145 zone.

A high was formed near $143.00 before there was a downside correction. The price declined below the $132 support zone. There was a break below a key bullish trend line with support at $130 on the 4-hour chart of the SOL/USD pair.

The bears were able to push the price below the 50% Fib retracement level of the upward wave from the $98.46 swing low to the $143.00 high. It is now trading below $125 and the 55 simple moving average (4 hours).

On the downside, initial support is near the $115 level. It is close to the 61.8% Fib retracement level of the upward wave from the $98.46 swing low to the $143.00 high. The next major support is near the $110 level. A downside break below the $110 support level might spark a sharp decline.

In the stated case, the price may perhaps decline toward the $102 level. Any more losses might call for a test of $98. On the upside, immediate resistance is near the $128 level. The next major resistance is near the $132 zone. Any more gains might send SOL price toward the $145 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $160 level.

Solana (SOL) Price

Looking at the chart, Solana price is clearly trading below $125 and the 55 simple moving average (4 hours). Overall, the price must stay above the $115 and $110 support levels to start another increase.

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 below the 50 level.

Key Support Levels – $115 and $110.

Key Resistance Levels – $128, $132, and $145.

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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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