Solana (SOL) Price Analysis: Short-term Recovery Possible From $11

Solana price is trading below $15 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $15 resistance zone.

Solana (SOL) Price Analysis

SOL price started a major decline below the $25 support zone. The price gained bearish momentum below the $22 support zone. The bears were able to push the price below the $20 and $18 support levels.

There was a drop below the $16.50 support and the 55 simple moving average (4-hours). Finally, the price declined below the $15.00 support. A low was formed near $10.94 and the price is now consolidating losses. There was a minor increase above the $11.50 and $12.00 levels.

Besides, there was a break above a short-term bearish trend line with resistance near $12.00 on the 4-hours chart of the SOL/USD pair. On the upside, an immediate resistance is near the $13.00 level and the 55 simple moving average (4-hours).

The next major resistance is near the $15.00 level, above which the price might test the 23.6% Fib retracement level of the downward move from the $38.80 swing high to $10.94 low.

A clear move above the $17.00 and $17.50 resistance levels might call for a steady increase. The next major resistance sits near the $20.00 level, above which the price might rise towards the 50% Fib retracement level of the downward move from the $38.80 swing high to $10.94 low.

Any more gains might send sol price towards the $28.00 resistance zone. On the downside, an initial support is near the $11.50 level. A downside break below the $11.50 support level might spark a major drop. In the stated case, the price may perhaps decline towards the $10.00 level.

Solana (SOL) Price

Looking at the chart, solana price is clearly trading below $15 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $15 resistance.

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 above the 50 level.

Key Support Levels – $11.50 and $10.00.

Key Resistance Levels – $13.00, $15.00 and $17.50.

Source: Read Full Article