- Solana price started a fresh decline from the $35.50 resistance zone against the US Dollar.
- The price is now trading below $34 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $32.70 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair could extend losses if there is a clear move below the $32.10 support zone.
Solana price is trading below $34 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $35 resistance zone.
Solana (SOL) Price Analysis
SOL price made a few attempts to gain strength above the $35 resistance zone. However, the price failed to clear the $35 zone and started a fresh decline from $35.40.
There was a steady decline below the $34.50 support and the 55 simple moving average (4-hours). The price declined below the $33.50 support. There was a move below the 50% Fib retracement level of the upward move from the $30.04 swing low $35.44 high.
Besides, there was a break below a key bullish trend line with support near $32.70 on the 4-hours chart of the SOL/USD pair. It is now trading below $34 and the 55 simple moving average (4-hours).
On the downside, an initial support is near the $32.10 level. It is near the 61.8% Fib retracement level of the upward move from the $30.04 swing low $35.44 high. The next key support is near the $30.50 level. A downside break below the $30.50 support level might spark a major drop.
In the stated case, the price may perhaps decline towards the $28 level. On the upside, an immediate resistance is near the $32.75 level.
The next major resistance is near the $33.50 level. A clear move above the $33.50 and $33.80 resistance levels might call for a steady increase. The next major resistance sits near the $35.00 level. Any more gains might send sol price towards the $40.00 resistance zone.
Looking at the chart, solana price is clearly trading below $34 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear move below the $32.10 support zone.
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 below the 50 level.
Key Support Levels – $32.10 and $30.50.
Key Resistance Levels – $32.75, $33.50 and $35.00.
