HomeAltcoin NewsSolana (SOL) Price Analysis: Downtrend Intact Below $35

Solana (SOL) Price Analysis: Downtrend Intact Below $35

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  • Solana price started a fresh decline from the $35.50 resistance zone against the US Dollar.
  • The price is now trading below $34 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $32.70 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 $32.10 support zone.

Solana price is trading below $34 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 $35 resistance zone. However, the price failed to clear the $35 zone and started a fresh decline from $35.40.

There was a steady decline below the $34.50 support and the 55 simple moving average (4-hours). The price declined below the $33.50 support. There was a move below the 50% Fib retracement level of the upward move from the $30.04 swing low $35.44 high.

Besides, there was a break below a key bullish trend line with support near $32.70 on the 4-hours chart of the SOL/USD pair. It is now trading below $34 and the 55 simple moving average (4-hours).

On the downside, an initial support is near the $32.10 level. It is near the 61.8% Fib retracement level of the upward move from the $30.04 swing low $35.44 high. The next key support is near the $30.50 level. A downside break below the $30.50 support level might spark a major drop.

In the stated case, the price may perhaps decline towards the $28 level. On the upside, an immediate resistance is near the $32.75 level.

The next major resistance is near the $33.50 level. A clear move above the $33.50 and $33.80 resistance levels might call for a steady increase. The next major resistance sits near the $35.00 level. Any more gains might send sol price towards the $40.00 resistance zone.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, solana price is clearly trading below $34 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear move below the $32.10 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 below the 50 level.

Key Support Levels – $32.10 and $30.50.

Key Resistance Levels – $32.75, $33.50 and $35.00.

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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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