- Solana price extended decline below the $80 support against the US Dollar.
- The price is now trading below $80 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $67.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $68 and $74 to start a fresh recovery wave in the near term.
Solano price is struggling below $80 against the US Dollar, similar to bitcoin. SOL could decline sharply if there is a clear move below the $60 support.
Solana (SOL) Price Analysis
SOL price attempted an upside break above the $80 and $82 levels, but failed. As a result, it started a fresh decline below the $80 and $75 support levels.
The pair settled below the $70 support zone and the 55 simple moving average (4-hours). It even spiked below the $65 level and traded as low as $60.06. It is now consolidating losses and trading above $62. There was a break above the 23.6% Fib retracement level of the downward move from the $95 swing high to $60 low.
On the upside, an immediate resistance is near the $67.50 level. There is also a major bearish trend line forming with resistance near $67.50 on the 4-hours chart of the SOL/USD pair.
The next major resistance is near the $74 level, above which it could rise towards the 50% Fib retracement level of the downward move from the $95 swing high to $60 low. Any more gains might send sol price towards the $80 resistance and the 55 simple moving average (4-hours).
On the downside, there is a key support near $63. The next key support is near the $60 level. A downside break below the $60 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $50 level.
Looking at the chart, solana price is clearly trading below $80.00 and the 55 simple moving average (4-hours). Overall, the price must clear $68 and $74 to start a fresh recovery wave in the near term.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $63.00 and $60.00.
Key Resistance Levels – $67.50, $74.00 and $80.00.
