- Solana price started a decent increase from the $26.80 support against the US Dollar.
- The price is now trading above $29.50 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $29.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $32.00 and $32.50 to continue higher in the near term.
Solana price is trading above $30 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $32 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $26.80 and $27.00 support levels. The bulls were active near the $27.00 zone. A base was formed and the price started a decent increase above the $28.50 level.
There was a steady increase above the $29.50 level and the 55 simple moving average (4-hours). Besides, there was a break above a major bearish trend line with resistance near $29.50 on the 4-hours chart of the SOL/USD pair. The pair even surged above the $30 level.
However, the bulls struggled to clear the $32.00 resistance zone. A high is formed near $32.38 and the price is now consolidating gains. It is now trading above $29.50 and the 55 simple moving average (4-hours).
It is also testing the 23.6% Fib retracement level of the upward move from the $26.84 swing low to $32.38 high. On the upside, an immediate resistance is near the $32.00 level. The next major resistance is near the $32.50 level. Any more gains might send sol price towards the $34.00 resistance zone.
The next major resistance sits near the $35 level. On the downside, an initial support is near the $30.50 level. The next key support is near the $30.00 level or the 50% Fib retracement level of the upward move from the $26.84 swing low to $32.38 high.
A downside break below the $30.00 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $28.00 level. Any more losses might call for a test of $26.50.
Looking at the chart, solana price is clearly trading above $30 and the 55 simple moving average (4-hours). Overall, the price must clear $32.00 and $32.50 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 – $32.50 and $34.00.
Key Resistance Levels – $30.50, $30.00 and $28.80.
