- Solana price started a recovery wave above the $20.00 resistance against the US Dollar.
- The price is now trading above $20.00 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $19.50 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $20.50 and $20.80 to continue higher in the near term.
Solana price is trading above $20.00 against the US Dollar, similar to Bitcoin. SOL could start a strong increase if it clears the $20.80 resistance.
Solana (SOL) Price Analysis
SOL price started a decent recovery wave from the $19.00 support zone. The price formed a base and was able to climb above the $19.50 and $19.60 levels.
There was a clear move above the 23.6% Fib retracement level of the downward move from the $22.02 swing high to the $19.02 low. Besides, there was a break above a key bearish trend line with resistance near $19.50 on the 4-hour chart of the SOL/USD pair.
The bulls were even able to push the price above the $20.00 resistance zone. However, the bears were active near the $20.50 resistance.
The price struggled to surpass the 50% Fib retracement level of the downward move from the $22.02 swing high to the $19.02 low. SOL is now trading above $20.00 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $20.50 level. The next major resistance is near the $20.80 zone. Any more gains might send SOL price towards the $22.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $23.50 level.
On the downside, initial support is near the $20.00 level. The next major support is near the $19.50 level. A downside break below the $19.50 support level might push the price toward the $19.00 support. Any more losses might open the doors for more losses toward $18.00.
Looking at the chart, Solana price is trading above $20.00 and the 55 simple moving average (4 hours). Overall, the price must clear $20.50 and $20.80 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 – $20.00 and $19.00.
Key Resistance Levels – $20.50, $20.80, and $22.00.
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