- Solana price started a downside correction from the $115 zone against the US Dollar.
- The price is now trading above $102 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $109 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must stay above the $109 and $106 support levels to start another increase.
Solana price is trading above $106 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $115.
Solana (SOL) Price Analysis
SOL price attempted more upsides above the $100 resistance zone. The price climbed above the $106 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. 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 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 $106 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.
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