Solana price is trading above $31 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $33.80 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $27.20 and $27.50 support levels. The bulls were active near the $27.50 zone. A base was formed and the price started a decent increase above the $28.80 level.
There was a steady increase above the $30.00 level and the 55 simple moving average (4-hours). The pair even surged above the $32 level. There was a spike above the $34.00 level, but the bulls struggled to test $35. A high was formed near $34.39 and the price is now correcting gains.
It is now trading above $30.50 and the 55 simple moving average (4-hours). There was a move below the 23.6% Fib retracement level of the upward move from the $30.12 swing low to $34.39 high.
On the downside, an initial support is near the $32.20 level or the 50% Fib retracement level of the upward move from the $26.84 swing low to $32.38 high. The next key support is near the $31.50 level. There is also a key bullish trend line forming with support near $31.50 on the 4-hours chart of the SOL/USD pair.
A downside break below the $31.50 support level might spark a sharp decline. In the stated case, the price may perhaps decline towards the $30.00 level. Any more losses might call for a test of $28.00.
On the upside, an immediate resistance is near the $32.20 level. The next major resistance is near the $33.80 level. Any more gains might send sol price towards the $35.00 resistance zone. The next major resistance sits near the $36.80 level.
Solana (SOL) Price
Looking at the chart, solana price is clearly trading above $30 and the 55 simple moving average (4-hours). Overall, the price must clear $33.00 and $33.80 to continue higher in the near term.
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $32.20 and $31.50.
Key Resistance Levels – $33.20, $33.80 and $35.00.
Source: Read Full Article