Solana price extended decline below the $40 support against the US Dollar.
The price is now trading below $40 and the 55 simple moving average (4-hours).
There is a major bearish trend line forming with resistance near $30.00 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
The pair must clear $30 and $32 to start a fresh recovery wave in the near term.
Solano price is struggling below $40 against the US Dollar, similar to bitcoin. SOL could decline sharply if there is a clear move below the $25 support.
Solana (SOL) Price Analysis
SOL price remained in a bearish zone below the $55 and $50 levels. There was another decline and the price traded below the $40 support zone.
The pair settled below the $32 support zone and the 55 simple moving average (4-hours). It even spiked below the $28 level and traded as low as $26.00. It is now consolidating losses and trading above $28. There was a break above the 23.6% Fib retracement level of the downward move from the $44 swing high to $26 low.
However, the price struggled to gain pace above $30. On the upside, an immediate resistance is near the $30.00 level. There is also a major bearish trend line forming with resistance near $30.00 on the 4-hours chart of the SOL/USD pair.
The next major resistance is near the $35 level. It is close to the 50% Fib retracement level of the downward move from the $44 swing high to $26 low. Any more gains might send sol price towards the $40 resistance zone. The next major resistance sits near the $45 level.
On the downside, an initial support is near the $28 level. The next key support is near the $26 level. A downside break below the $26 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $22 level. Any more losses might call for a test of $20.
Looking at the chart, solana price is clearly trading below $40.00 and the 55 simple moving average (4-hours). Overall, the price must clear $30 and $32 to start a fresh recovery wave in the near term.
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 40 level.
Key Support Levels – $28.00 and $26.00.
Key Resistance Levels – $30.00, $35.00 and $40.00.
Live Bitcoin News is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at Live Bitcoin News, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.