Solana (SOL) Price Analysis: This Support Might Trigger Fresh Increase

• Solana price started a decent increase above the $22 resistance against the US Dollar.
• The price is now trading above $22 and the 55 simple moving average (4-hours).
• There was a break below a major bullish trend line with support near $24.50 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
• The pair must stay above the $23.40 and $22.60 support levels to start another increase.

Solana price is trading above $22 against the US Dollar, similar to bitcoin. SOL could is correcting lower, but it might find bids near the $23 zone.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone above the $20 and $21 support levels. The bulls were active near the $20 zone. A base was formed and the price started a decent increase above the $22.00 level.

There was a steady increase above the $25.00 level and the 55 simple moving average (4-hours). The pair even climbed above the $26.50 level. A high was formed near $27.12 before there was a downside correction. The price declined below the $25 support zone.

There was a break below a major bullish trend line with support near $24.50 on the 4-hours chart of the SOL/USD pair. The price even declined below the 23.6% Fib retracement level of the upward move from the $19.75 swing low to $27.12 high.

It is now trading above $23 and the 55 simple moving average (4-hours).  On the downside, an initial support is near the $23.40 level.

The 50% Fib retracement level of the upward move from the $19.75 swing low to $27.12 high is also near the $23.40 level. The next major support is near the $22.60 level. A downside break below the $22.60 support level might spark a sharp decline.

In the stated case, the price may perhaps decline towards the $20.50 level. Any more losses might call for a test of $20.00. On the upside, an immediate resistance is near the $24.50 level.

The next major resistance is near the $25.20 zone. Any more gains might send sol price towards the $27.20 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $30 level.

Solana (SOL) Price

Looking at the chart, solana price is clearly trading above $22 and the 55 simple moving average (4-hours). Overall, the price must stay above the $23.40 and $22.60 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 – $23.40 and $22.60.

Key Resistance Levels – $24.50, $25.20 and $27.20.

Tags: SOL, Solana