- Solana price started a decent increase above the $22.40 resistance against the US Dollar.
- The price is now trading above $23.50 and the 55 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $23.20 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $24.40 and $25.00 to continue higher in the near term.
Solana price is trading in a positive zone above $23.50 against the US Dollar, like bitcoin. SOL could start a strong increase if it clears the $25 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $20.50 and $21 support levels. The bulls were active near the $21.00 zone. A base was formed, and the price started a decent increase above the $22.00 level.
There was a steady increase above the $23.50 level and the 55 simple moving average (4 hours). The pair even climbed above the $24.00 level. There was a break above a major bearish trend line with resistance near $23.20 on the 4-hour chart of the SOL/USD pair.
A high was formed near $24.78 before there was a downside correction. The price declined below the $24.40 support zone. There was a move below the 23.6% Fib retracement level of the upward move from the $20.93 swing low to the $24.78 high.
It is now trading above $23.50 and the 55 simple moving average (4 hours). On the upside, an immediate resistance is near the $24.40 level. The next major resistance is near the $25.00 zone. Any more gains might send SOL price toward the $26.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $28.00 level.
On the downside, initial support is near the $23.50 level. A downside break below the $23.50 support level might push the price toward the 61.8% Fib retracement level of the upward move from the $20.93 swing low to the $24.78 high at $22.40. Any more losses might call for a test of $21.00.
Looking at the chart, Solana price is clearly trading above $23.50 and the 55 simple moving average (4 hours). Overall, the price must clear $24.40 and $25.00 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 – $23.50 and $22.40.
Key Resistance Levels – $24.40, $25.00 and $26.50.
