- Solana price started a decent increase above the $22 resistance against the US Dollar.
- The price is now trading above $22 and the 55 simple moving average (4 hours).
- There was a break above a major contracting with resistance near $21.00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $21.80 and $21.50 support levels to start another increase.
Solana price is trading above $22 against the US Dollar, similar to Bitcoin. SOL is correcting lower, but it might find bids near the $22 zone.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $19.80 and $20.00 support levels. The bulls were active near the $20 zone. A base was formed and the price started a decent increase above the $21.50 level.
There was a clear move above the $22.00 level and the 55 simple moving average (4 hours). Besides, there was a break above a major contracting with resistance near $21.00 on the 4-hour chart of the SOL/USD pair. The pair even climbed above the $23.50 level. A high was formed near $23.75 before there was a downside correction.
The price declined below the $23 support zone. There was a minor move below the 23.6% Fib retracement level of the upward move from the $19.87 swing low to the $27.12 high.
It is now trading above $22 and the 55 simple moving average (4 hours). On the downside, initial support is near the $22.00 level. The next major support is near the $21.80 level. It is close to the 50% Fib retracement level of the upward move from the $19.87 swing low to the $27.12 high.
A downside break below the $21.80 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $21.50 level. Any more losses might call for a test of $20.50.
On the upside, immediate resistance is near the $23.20 level. The next major resistance is near the $23.75 zone. Any more gains might send SOL price toward the $24.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $25 level.
Looking at the chart, Solana price is clearly trading above $22 and the 55 simple moving average (4 hours). Overall, the price must stay above the $21.80 and $21.50 support levels to start another increase.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now correcting lower from the 80 level.
Key Support Levels – $21.80 and $21.50.
Key Resistance Levels – $23.20, $23.75, and $25.00.
