- Solana’s price has started a new decline from the $38 resistance zone against the US dollar.
- The price is currently below $35 and the 55 simple moving average (4 hours).
- The SOL/USD pair’s 4-hour chart (data feed from Coinbase) has broken out of the key bearish trendline with resistance near $32.40.
- The pair could extend its losses if the $30.00 support zone breaks down.
Solana’s price is trading below $35 against the US dollar. BitcoinA further drop is likely if the SOL breaks below the $35 resistance zone.
Solana (SOL) Price Analysis
SOL price has made several attempts to gain strength above the $38 resistance zone.
Steadily falling below the $35 support, 55 Simple Moving Average (4 hours)The bears have broken the price below the $32 support zone. The pair he paced below $31.50. The price is now consolidating losses with a low near $30.01.
It moved slightly higher above $31.50 levels. On his 4-hour chart of the SOL/USD pair, the pair has broken out of the key bearish trendline with resistance near $32.40.
The price is currently below $35 and the 55 simple moving average (4 hours). On the upside, the immediate resistance is near $34.00. The next big resistance is near $34.20. This is close to the 23.6% Fib retracement level of the downward movement from swing highs of $48.10 to lows of $30.00.
Further gains could send the Sol price towards the $39.00 resistance zone. We are approaching the 50% Fib retracement level, which is falling from the swing high of $48.10 to the low of $30.00.
On the downside, the first support is near $31.20. The next important support is near $30. A break below the $30 support level could trigger a sharp decline. Further losses may require a $25 test.
Look at the chart, the price of solana is clearly below $35 and the 55 simple moving average (4 hours). All in all, the price may extend losses if it breaks below the $30.00 support zone.
4 Hour MACD – The MACD is currently losing momentum in the bearish zone.
4 Hour RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Primary Support Levels – $31.20 and $30.00.
Main resistance levels – $34.00, $35.00, $39.00.
https://www.livebitcoinnews.com/solana-sol-price-analysis-bulls-aim-steady-recovery/ Solana (SOL) Price Analysis: Bulls Target Steady Recovery