- Solana price started a decent increase above the $23.80 resistance against the US Dollar.
- The price is now trading above $24 and the 55 simple moving average (4 hours).
- There is a key rising channel forming with resistance near $26.20 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $24.00 and $23.80 support levels to start another increase.
Solana price is trading in a positive zone above $24 against the US Dollar, similar to Bitcoin. SOL is correcting lower, but it might find bids near the $23.80 zone.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $20.00 and $20.50 support levels. The bulls were active near the $22 zone. A base was formed and the price started a decent increase above the $22.50 level.
There was a clear move above the $23.80 level and the 55 simple moving average (4 hours). The pair even climbed above the $25 level. A high was formed near $26.03 before there was a downside correction. The price declined below the $25 support zone.
There was a minor move below the 23.6% Fib retracement level of the upward wave from the $19.88 swing low to the $26.03 high. It is now trading above $24 and the 55 simple moving average (4 hours).
On the downside, initial support is near the $24.30 level. The next major support is near the $23.80 level. A downside break below the $23.80 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $23.00 level or the 50% Fib retracement level of the upward wave from the $19.88 swing low to the $26.03 high.
Any more losses might call for a test of $22.20. On the upside, immediate resistance is near the $25.50 level. The next major resistance is near the $26.00 zone. There is also a key rising channel forming with resistance near $26.20 on the 4-hour chart of the SOL/USD pair.
Any more gains might send SOL price toward the $27.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $28.80 level.
Looking at the chart, Solana price is clearly trading above $24 and the 55 simple moving average (4 hours). Overall, the price must stay above the $24.00 and $23.80 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 60 level.
Key Support Levels – $23.80 and $23.00.
Key Resistance Levels – $25.50, $26.00, and $27.500.
