Solana (SOL) Price Analysis: Rally Could Resume From $50

• Solana price started a decent increase above the $45.00 resistance against the US Dollar.
• The price is now trading above $50.00 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $51.00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must stay above the $51.00 and $50.00 support levels to start another increase.

Solana price is trading above $50 against the US Dollar, like Bitcoin. SOL is correcting lower, but it might find bids near the $51.00 zone.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone above the $40.00 and $42.50 support levels. The bulls were active near the $42.50 zone. A base was formed, and the price started a decent increase above the $45.00 level.

There was a clear move above the $50.00 level and the 55 simple moving average (4 hours). The pair even climbed above the $60 level. A high was formed near $63.98 before there was a downside correction. The price declined below the $58.00 support zone.

There was a minor move below the 23.6% Fib retracement level of the upward wave from the $38.02 swing low to the $63.98 high. It is now trading above $50.00 and the 55 simple moving average (4 hours).

On the downside, initial support is near the $51.00 level or the 50% Fib retracement level of the upward wave from the $38.02 swing low to the $63.98 high. There is also a key bullish trend line forming with support near $51.00 on the 4-hour chart of the SOL/USD pair.

The next major support is near the $50.00 level. A downside break below the $50.0 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $44.20 level. Any more losses might call for a test of $40.00. On the upside, immediate resistance is near the $57.80 level.

The next major resistance is near the $60.00 zone. Any more gains might send SOL price toward the $63.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $68.00 level.

Looking at the chart, Solana price is clearly trading above $50 and the 55 simple moving average (4 hours). Overall, the price must stay above the $51.00 and $50.00 support levels to start another increase.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $51.00 and $50.00.

Key Resistance Levels – $57.80, $60.00, and $63.50.