- Solana price started a downside correction from the $210 zone against the US Dollar.
- The price is now trading below $180 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $170 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $170 and $160 support levels to start another increase.
Solana price is correcting gains below $180 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $180.
Solana (SOL) Price Analysis
SOL price attempted more upsides above the $180 resistance zone. The price climbed above the $200 zone, but the bears were active near the $210 zone.
A high was formed near $209.90 before there was a downside correction. The price declined below the $200 support zone. There was a break below a key bullish trend line forming with support at $170 on the 4-hour chart of the SOL/USD pair.
The bears were able to push the price below the 23.6% Fib retracement level of the upward wave from the $110 swing low to the $209 high. It is now trading below $180 and the 55 simple moving average (4 hours).
On the downside, initial support is near the $170 level and the trend line. The next major support is near the $160 level. It is close to the 50% Fib retracement level of the upward wave from the $110 swing low to the $209 high. A downside break below the $160 support level might spark a sharp decline.
In the stated case, the price may perhaps decline toward the $150 level. Any more losses might call for a test of $132. On the upside, immediate resistance is near the $180 level. The next major resistance is near the $188 zone.
Any more gains might send SOL price toward the $200 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $210 level.
Looking at the chart, Solana price is clearly trading below $180 and the 55 simple moving average (4 hours). Overall, the price must stay above the $170 and $160 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 below the 50 level.
Key Support Levels – $170 and $160.
Key Resistance Levels – $180, $188, and $200.
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