- Solana price started a strong increase above the $30.00 resistance against the US Dollar.
- The price is now trading above $35 and the 55 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support near $35.75 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
- The pair must clear $38.00 and $38.80 to continue higher in the near term.
Solana price is trading in a positive zone above $35 against the US Dollar, like Bitcoin. SOL could extend its rally toward the $40 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $28.00 and $30.00 support levels. The bulls were active near the $31.20 zone. A base was formed, and the price started a decent increase above the $33.50 level.
There was a push above the $35.00 level and the 55 simple moving average (4 hours). The pair even climbed above the $36.50 level. A high was formed near $38.80 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $31.30 swing low to the $38.80 high.
SOL is now trading above $35 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $35.75 on the 4-hour chart of the SOL/USD pair.
On the upside, an immediate resistance is near the $38.50 level. The next major resistance is near the $38.80 zone. Any more gains might send SOL price toward the $40.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $42.00 level.
On the downside, initial support is near the $37.00 level. A downside break below the $37.00 support level might push the price toward the trend line zone.
Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $31.30 swing low to the $38.80 high at $35.00.
Looking at the chart, Solana price is clearly trading above $35.50 and the 55 simple moving average (4 hours). Overall, the price must clear $38.00 and $38.80 to continue higher in the near term.
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 – $37.00 and $35.00.
Key Resistance Levels – $38.50, $38.80 and $40.00.