- Solana price started a fresh increase from the $67.00 zone against the US Dollar.
- The price is now trading above $70.00 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $74.00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $76.50 and $78.00 to continue higher in the near term.
Solana price is trading above $72.00 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $78.00 resistance.
Solana (SOL) Price Analysis
SOL price started a decent upward move from the $67.00 support zone. The price formed a base and was able to climb above the $69.50 and $70.00 levels.
There was a clear move above the 50% Fib retracement level of the downward move from the $79.45 swing high to the $67.00 low. Besides, there was a break above a key bearish trend line with resistance near $74.00 on the 4-hour chart of the SOL/USD pair.
The bulls were even able to push the price above the $74.50 resistance zone. However, the bears were active near the $76.50 resistance. SOL is now trading above $72.00 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $76.50 level or the 76.4% Fib retracement level of the downward move from the $79.45 swing high to the $67.00 low. The next major resistance is near the $78.00 zone. Any more gains might send SOL price towards the $85.00 resistance zone, above which the price could accelerate higher.
The next major resistance sits near the $88.80 level. On the downside, initial support is near the $71.80 level. The next major support is near the $67.00 level.
A downside break below the $67.00 support level might push the price toward the $64.50 support. Any more losses might open the doors for more losses toward $60.00.
Looking at the chart, Solana price is trading above $72.00 and the 55 simple moving average (4 hours). Overall, the price must clear $76.50 and $78.00 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 above the 50 level.
Key Support Levels – $72.00 and $67.00.
Key Resistance Levels – $76.50, $78.00, and $85.00.
