- Solana price started a fresh increase above the $100.00 level against the US Dollar.
- The price is now trading above $100.00 and the 55 simple moving average (4-hours).
- There is a key rising channel forming with support near $108 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $115 to continue higher in the near term.
Solano price is gaining pace above $105 against the US Dollar, similar to bitcoin. SOL could extend gains if it stays above the $105 and $100 support levels.
Solana (SOL) Price Analysis
SOL price formed a base above the $90.00 level. As a result, it started a decent increase and broke many hurdles near the $95.00 level.
The price even climbed above the $100.00 resistance and the 55 simple moving average (4-hours). There was a move $105 level and the price traded as high as $115.70. It is now consolidating gains above the $110.00 level. There was a move below the 23.6% Fib retracement level of the recent increase from the 98.82 swing low to $115.70 high.
It is now trading below $100.00 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $114.00 level.
The next major resistance on the upside is near the $115.00 level. To start another increase, the price must settle above the $115.00 level in the near term. The next major resistance could be $120.00, above which the price could rise to $125.00.
If there is no upside break, the price might start a decline below the $110.00 level. The next key support is near the $108.00 level. There is also a key rising channel forming with support near $108 on the 4-hours chart of the SOL/USD pair.
The next key support sits near the $107.20 level. It is near the 50% Fib retracement level of the recent increase from the 98.82 swing low to $115.70 high. Any more losses might call for a test of the key $105.00 support zone.
Looking at the chart, solana price is clearly trading above $100.00 and the 55 simple moving average (4-hours). Overall, the price must clear $115 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 just above the 50 level.
Key Support Levels – $105.00 and $100.00.
Key Resistance Levels – $114.00, $115.00 and $120.00.
