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- Although Solana (SOL) price started a downside correction from the $115 zone against the US Dollar, the token price uptrend remains intact above $100
- The price is now trading above $116 and the 55 simple moving average (4 hours).
Solana (SOL) Price Analysis
SOL price attempted more upsides above the $100 resistance zone. The price climbed above the $110 zone, but the bears were active near the $115 zone.
A high was formed near $115.17 before there was a downside correction. The price declined below the $112 support zone.
The bears were able to push the price below the 23.6% Fib retracement level of the upward wave from the $103.43 swing low to the $116.17 high.
It is now trading above $105 and the 55 simple moving average (4 hours). On the downside, initial support is near the $110 level.
See Also: XRP Price Prediction: A Fresh Rally Is Around The Corner?
There is also a key bullish trend line forming with support at $109 on the 4-hour chart of the SOL/USD pair.
The trend line is close to the 50% Fib retracement level of the upward wave from the $103.43 swing low to the $116.17 high.
The next major support is near the $106 level. A downside break below the $106 support level might spark a sharp decline.
In the stated case, the price may perhaps decline toward the $92 level. Any more losses might call for a test of $85.
On the upside, immediate resistance is near the $112 level. The next major resistance is near the $115 zone.
Any more gains might send the SOL price toward the $125 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $132 level.
Looking at the chart, Solana price is clearly trading above $110 and the 55 simple moving average (4 hours).
Overall, the price must stay above the $109 and $106 support levels to start another increase.
Technical Indicators
- 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 – $109 and $106.
- Key Resistance Levels – $112, $115, and $125.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
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