cryptocurrency

Solana Price Analysis (SOL): Bulls aim for steady recovery

  • Solana price started a new decline from the $38 resistance area against the US Dollar.
  • The price is now trading below $35 and 55 simple moving average (4 hours).
  • There was a break above the major downtrend line with resistance near $32.40 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 $30.00 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 resistance area.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $38 resistance area. However, the price failed to break above the $38 area and started a new low.

There has been a steady decline below the $35 support and the 55 SMA (4-hours). The bears pushed the price below the $32 support area. The pair gained pace below the $31.50 level. A bottom was formed near $30.01 and the price is now consolidating losses.

There was a slight increase above the $31.50 level. There was a break above the major downtrend line with resistance near $32.40 on the 4-hour chart of the SOL/USD pair.

The price is now trading below $35 and 55 simple moving average (4 hours). On the upside, there is an immediate resistance near the $34.00 level. The next major resistance is near the $34.20 level. It is near the 23.6% Fib retracement level of the downward movement from the $48.10 swing high to $30.00 low.

Any further gains could send Sol price towards the $39.00 resistance area. It is close to the 50% Fib retracement level of the downside move from the $48.10 swing high to $30.00.

On the downside, initial support is near the $31.20 level. The next major support is near the $30 level. A downside breakout below the $30 support level could trigger a sharp decline. In the mentioned case, the price may drop towards the $28 level. Any other losses may require a $25 test.

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 $30.00 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 above the 50 level.

Key Support Levels – $31.20 and $30.00.

Key resistance levels – $34.00, $35.00 and $39.00.

Tags: Solana Solana

#Solana #Price #Analysis #SOL #Bulls #aim #steady #recovery

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button