HomeAltcoin NewsSolana (SOL) Price Analysis: Key Uptrend Support Intact At $92

Solana (SOL) Price Analysis: Key Uptrend Support Intact At $92

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  • Solana price started a downside correction from the $106 zone against the US Dollar.
  • The price is now trading below $100 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $97 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must stay above the $92 and $89 support levels to start another increase.

Solana price is trading above $92 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $106.

Solana (SOL) Price Analysis

SOL price attempted more upsides above the $92 resistance zone. The price climbed above the $100 zone, but the bears were active near the $105 zone.

A high was formed near $106.45 before there was a downside correction. The price declined below the $100 support zone. The bears were able to push the price below the 23.6% Fib retracement level of the upward wave from the $78.14 swing low to the $106.45 high.

It is now trading below $100 and the 55 simple moving average (4 hours). On the downside, initial support is near the $94 level. The next major support is near the $92 level. It is close to the 50% Fib retracement level of the upward wave from the $78.14 swing low to the $106.45 high.

A downside break below the $92 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $84 level. Any more losses might call for a test of $78.

On the upside, immediate resistance is near the $97 level. The next major resistance is near the $105 zone. Any more gains might send SOL price toward the $120 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $125 level.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, Solana price is clearly trading below $100 and the 55 simple moving average (4 hours). Overall, the price must stay above the $92 and $89 support levels to start another increase.

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 – $92 and $89.

Key Resistance Levels – $97, $105, and $120.

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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