Solana price started a decent increase from the $38 support against the US Dollar.
The price is now trading above $40 and the 55 simple moving average (4-hours).
There is a key bullish trend line forming with support near $41.80 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
The pair must clear $45 and $46 to continue higher in the near term.
Solano price is trading above $40 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $45 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $35 and $36 support levels. The bulls were active near the $35 zone. A base was formed and the price started a decent increase above the $38 level.
There was a steady increase above the $40 level and the 55 simple moving average (4-hours). It even broke the $45 level. A high was formed near $48.39 before there was a downside correction. There was a move below the $46.50 and $45 support levels.
SOL declined below the 50% Fib retracement level of the upward move from the $39.65 swing low to $48.40 high. It even spiked below the $44 level, but downsides were limited.
It is now trading above $44 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $45.00 level. The next major resistance is near the $46.80 level. Any more gains might send sol price towards the $48.40 resistance zone.
The next major resistance sits near the $50 level. On the downside, an initial support is near the $43 level. It is near the 61.8% Fib retracement level of the upward move from the $39.65 swing low to $48.40 high.
The next key support is near the $42 level. There is also a key bullish trend line forming with support near $41.80 on the 4-hours chart of the SOL/USD pair. A downside break below the $41.80 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $40 level. Any more losses might call for a test of $38.
Looking at the chart, solana price is clearly trading above $44 and the 55 simple moving average (4-hours). Overall, the price must clear $45 and $46 to continue higher in the near term.
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 50 level.
Key Support Levels – $43.00 and $42.00.
Key Resistance Levels – $45.00, $46.80 and $50.00.
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