Solana (SOL) Price Analysis: Bulls Struggle To Clear This Key Hurdle

Solana price is trading below $35 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $33.50 resistance zone.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $35 resistance zone. However, the price failed to clear the $35 zone and started a fresh decline.

There was a steady decline below the $33.50 support and the 55 simple moving average (4-hours). The price declined below the $32.50 support and traded as low as $30.50. It is now consolidating losses above the $31.20 level.

On the upside, an immediate resistance is near the $32.50 level. There is also a key bearish trend line forming with resistance near $32.50 on the 4-hours chart of the SOL/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $38.99 swing high to $32.50 low.

The next major resistance is near the $34.50 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the downward move from the $38.99 swing high to $32.50 low is also near $34.75. A clear move above the $34.50 and $35.00 resistance levels might call for a steady increase.

The next major resistance sits near the $38.00 level. Any more gains might send sol price towards the $40.00 resistance zone.

On the downside, an initial support is near the $31.20 level. The next key support is near the $30.50 level. A downside break below the $30.50 support level might spark a major drop. In the stated case, the price may perhaps decline towards the $30 level.

Solana (SOL) Price

Looking at the chart, solana price is clearly trading below $33 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear move below the $30.50 support zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

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

Key Support Levels – $31.20 and $30.50.

Key Resistance Levels – $32.50, $34.50 and $35.00.

Source: Read Full Article