cryptocurrency

Solana (SOL) Price Analysis: Bulls struggle to remove this major hurdle

  • Solana price started a new decline from the $35.00 resistance area against the US Dollar.
  • The price is now trading below $33, 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $32.50 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 $30.50 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 $33.50 resistance area.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $35 resistance area. However, the price failed to break above the $35 area and started a new low.

There has been a steady decline below the support level at $33.50 and the 55 simple moving average (4 hours). The price broke below the $32.50 support and traded at $30.50. It is now consolidating its losses above the $31.20 level.

On the upside, there is an immediate resistance near the $32.50 level. There is also a major bearish trend line forming with resistance near $32.50 on the 4-hour chart of the SOL/USD pair. The trend line is near the 23.6% Fib retracement level of the downside move from the $38.99 swing high to $32.50 low.

The next major resistance is near the $34.50 level and the 55 simple moving average (4 hours). The 50% Fib retracement level of the downside move from the $38.99 high to $32.50 is also near $34.75. A clear move above the $34.50 and $35.00 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.

On the downside, initial support is near the $31.20 level. The next major support is near the $30.50 level. A downside breakout below the $30.50 support level could trigger a significant decline. In the mentioned case, the price may drop towards the $30 level.

Solana Price (SOL)

look at me Schedule, it is clear that solana price is trading below $33,55 simple moving average (4-hours). In general, the price may extend losses if there is a clear movement below the $30.50 support area.

Technical Indicators

4 hours 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 – $31.20 and $30.50.

Key resistance levels – $32.50, $34.50 and $35.00.

Tags: Solana Solana

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