cryptocurrency

Solana (SOL) Price Analysis: Bears are back, can this support hold?

  • Solana price started a new decline from the $39.00 resistance area against the US Dollar.
  • The price is now trading below $35 and 55 simple moving average (4 hours).
  • There was a break below the major uptrend line with support near $35.90 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair could extend its losses if there is a clear movement below the $32.80 support area.

Solana is trading at less than $35 against the US dollar, similar to Bitcoin. SOL could accelerate lower if it stays below the $35.50 resistance area.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $40 resistance area. However, the price failed to break above the $40 area and started a new low.

There has been a steady decline below the $38.50 support level and the 55 simple moving average (4-hours). There was a break below the major uptrend line with support near $35.90 on the 4-hour chart of the SOL/USD pair. The pair fell below the $35.50 support and the 55 simple moving average (4-hours).

Besides, there was a rally below the 50% Fib retracement level of the bullish move from the $30.31 swing low to $38.99 high. The pair even settled below the $35 level and is currently struggling near the $33.80 level.

On the downside, initial support is near the $33.20 level. The next major support is near the $32.50 level. It is near the 76.4% Fib retracement level of the upward move from the $30.31 swing low to the $38.99 high. A downside breakout below the $32.50 support level could trigger a significant decline.

In the mentioned case, the price may drop towards the $30 level. Any further losses may require a $28 test.

On the upside, there is immediate resistance near the $34.20 level and the 55 simple moving average (4 hours). The next major resistance is near the $35.00 level. A clear move above the $35.00 and $35.50 resistance levels may require a steady increase.

The next major resistance is near the $38.00 level. Any further gains could send Sol price towards the $40.00 resistance area.

Solana Price (SOL)

look at me Schedule, it is clear that solana price is trading below $35 and 55 simple moving average (4 hours). In general, the price may extend losses if there is a clear movement below the $32.80 support area.

Technical Indicators

4-hour MACD – The MACD is now losing its momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $32.50 and $30.00.

Key resistance levels – $34.20, $35.00 and $38.00.

Tags: Solana Solana

#Solana #SOL #Price #Analysis #Bears #support #hold

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