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Solana (SOL) Price Analysis: Risk of more losses under $34

  • Solana price started a new decline from the $48 resistance area against the US Dollar.
  • The price is now trading below $40 and 55 simple moving average (4 hours).
  • There was a break below the major uptrend line with support near $42.00 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 $34.00 support area.

Solana is trading at less than $38 against the US dollar, similar to Bitcoin. SOL could accelerate lower if it stays below the $40 resistance area.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $48 resistance area. However, the price failed to clear the $48 area and started a new low.

There has been a steady decline below the support level at $45 and the 55 SMA (4-hours). The bears pushed the price below the $40 support area. Besides, there was a break below the major uptrend line with support near $42.00 on the 4-hour chart of the SOL/USD pair.

The pair picked up pace below the $38 level. The bottom formed near $33.76 and the price is now consolidating losses. On the upside, there is immediate resistance near the $36.00 level and a connecting bearish trendline.

The next major resistance is near the $37.20 level. It is near the 23.6% Fib retracement level of the downside move from the $48.09 high to $33.76 swing high. The 55 simple moving average (4 hours) is also near $38. Any further gains could send Sol price towards the $40.00 resistance area.

The 50% Fib retracement level of the downside move from the $48.09 to $33.76 swing high is also near $40.80 to act as a barrier. On the downside, initial support is near the $34.20 level.

The next major support is near the $34 level. A downside breakout below the $34 support level could trigger a sharp decline. In the mentioned case, the price may drop towards the $32 level. Any further losses may require a $30 test.

Solana Price (SOL)

look at me Schedule, it is clear that solana price is trading below $40 and 55 simple moving average (4 hours). In general, the price may extend losses if there is a clear movement below the $34.00 support area.

Technical Indicators

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 – $34.00 and $30.00.

Key resistance levels – $38.00, $40.80, and $42.00.

Tags: Solana Solana

#Solana #SOL #Price #Analysis #Risk #losses

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