Solana (SOL) Price Analysis: More Gains Possible Above $24
Solana price is trading above $22 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $24 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $19.20 and $20 support levels. The bulls were active near the $19.20 zone. A base was formed and the price started a decent increase above the $21.20 level.
There was a steady increase above the $22.00 level and the 55 simple moving average (4-hours). The pair even climbed above the $23.50 level. A high was formed near $23.99 before there was a downside correction. The price declined below the $23 support zone.
There was a move below the 23.6% Fib retracement level of the upward move from the $18.76 swing low to $23.99 high. It is now trading above $22 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $23.20 level. The next major resistance is near the $24.00 zone. Any more gains might send sol price towards the $25.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $26.80 level.
On the downside, an initial support is near the $22.30 level. There is also a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair.
A downside break below the $22.30 support level push the price towards 50% Fib retracement level of the upward move from the $18.76 swing low to $23.99 high. Any more losses might call for a test of $20.00.
Solana (SOL) Price
Looking at the chart, solana price is clearly trading above $22 and the 55 simple moving average (4-hours). Overall, the price must clear $24.00 and $25.00 to continue higher in the near term.
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 – $22.30 and $21.40.
Key Resistance Levels – $24.00, $25.00 and $26.80.
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