HomeAltcoin NewsSolana (SOL) Price Analysis: More Upsides Possible Above $45

Solana (SOL) Price Analysis: More Upsides Possible Above $45

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  • 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.

Solana (SOL) Price
Solana (SOL) Price

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.

Technical Indicators

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.

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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