- Solana price started a new decline from the $34.50 resistance area against the US Dollar.
- The price is now trading below $32 and 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $33.30 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 $33 against the US dollar, similar to Bitcoin. SOL could accelerate lower if it stays below the $34.50 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 bears pushed the price below the $32 support area. The pair even settled below the $32 level and is currently struggling near the $31 level.
On the downside, initial support is near the $30.50 level. The next major support is near the $30 level. A downside breakout below the $30 support level could trigger a significant decline. In the mentioned case, the price may drop towards the $28 level. Any further losses may require a test of $26.50.
On the upside, there is immediate resistance near the $32.00 level and the 55 SMA (4 hours). The next major resistance is near the $34.25 level. It is near the 23.6% Fib retracement level of the downward movement from the $48.12 swing high to $30.01 low.
A clear move above the $34.50 and $35.00 resistance levels may require a steady increase. The next major resistance is near the $39.50 level. It is near the 50% Fib retracement level of the downward movement from the $48.12 swing high to $30.01 low. Any further gains could send Sol price towards the $42.00 resistance area.
look at me Schedule, it is evident that solana price is trading below $33.5 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.
4 hours MACD – MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $30.50 and $30.00.
Key resistance levels – $32.00, $34.50 and $40.00.
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