HomeAltcoin NewsSolana (SOL) Price Analysis: Short-term Recovery Possible From $11

Solana (SOL) Price Analysis: Short-term Recovery Possible From $11

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  • Solana price gained bearish momentum below the $20.00 level against the US Dollar.
  • The price is now trading below $20 and the 55 simple moving average (4-hours).
  • There was a break above a short-term bearish trend line with resistance near $12.00 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
  • The pair could recover, but upsides might be limited above the $15 resistance.

Solana price is trading below $15 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $15 resistance zone.

Solana (SOL) Price Analysis

SOL price started a major decline below the $25 support zone. The price gained bearish momentum below the $22 support zone. The bears were able to push the price below the $20 and $18 support levels.

There was a drop below the $16.50 support and the 55 simple moving average (4-hours). Finally, the price declined below the $15.00 support. A low was formed near $10.94 and the price is now consolidating losses. There was a minor increase above the $11.50 and $12.00 levels.

Besides, there was a break above a short-term bearish trend line with resistance near $12.00 on the 4-hours chart of the SOL/USD pair. On the upside, an immediate resistance is near the $13.00 level and the 55 simple moving average (4-hours).

The next major resistance is near the $15.00 level, above which the price might test the 23.6% Fib retracement level of the downward move from the $38.80 swing high to $10.94 low.

A clear move above the $17.00 and $17.50 resistance levels might call for a steady increase. The next major resistance sits near the $20.00 level, above which the price might rise towards the 50% Fib retracement level of the downward move from the $38.80 swing high to $10.94 low.

Any more gains might send sol price towards the $28.00 resistance zone. On the downside, an initial support is near the $11.50 level. A downside break below the $11.50 support level might spark a major drop. In the stated case, the price may perhaps decline towards the $10.00 level.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, solana price is clearly trading below $15 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $15 resistance.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $11.50 and $10.00.

Key Resistance Levels – $13.00, $15.00 and $17.50.

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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