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HomeAltcoin NewsSolana (SOL) Price Analysis: More Gains Possible Above $24

Solana (SOL) Price Analysis: More Gains Possible Above $24

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  • Solana price started a decent increase above the $21.50 resistance against the US Dollar.
  • The price is now trading above $22 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $24.00 and $25.00 to continue higher in the near term.

Solana price is trading above $22 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $24 resistance.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone above the $19.20 and $20 support levels. The bulls were active near the $19.20 zone. A base was formed and the price started a decent increase above the $21.20 level.

There was a steady increase above the $22.00 level and the 55 simple moving average (4-hours). The pair even climbed above the $23.50 level. A high was formed near $23.99 before there was a downside correction. The price declined below the $23 support zone.

There was a move below the 23.6% Fib retracement level of the upward move from the $18.76 swing low to $23.99 high.  It is now trading above $22 and the 55 simple moving average (4-hours).

On the upside, an immediate resistance is near the $23.20 level. The next major resistance is near the $24.00 zone. Any more gains might send sol price towards the $25.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $26.80 level.

On the downside, an initial support is near the $22.30 level. There is also a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair.

A downside break below the $22.30 support level push the price towards 50% Fib retracement level of the upward move from the $18.76 swing low to $23.99 high. Any more losses might call for a test of $20.00.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, solana price is clearly trading above $22 and the 55 simple moving average (4-hours). Overall, the price must clear $24.00 and $25.00 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 above the 50 level.

Key Support Levels – $22.30 and $21.40.

Key Resistance Levels – $24.00, $25.00 and $26.80.

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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