Solana (SOL) Price Analysis: Bulls Protecting Key Uptrend Support

Table of Contents

Solana price started a downside correction from the $77.50 zone against the US Dollar.
The price is now trading below $70.00 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $66.25 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair must stay above the $66.00 and $62.00 support levels to start another increase.

Solana price is trading above $62 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $68.50.

Solana (SOL) Price Analysis

SOL price attempted more upsides above the $70.00 resistance zone. The price climbed above the $72.00 zone, but the bears were active near the $77.50 zone.

A high was formed near $77.77 before there was a downside correction. The price declined below the $72.00 support zone. The bears were able to push the price below the 50% Fib retracement level of the upward wave from the $59.13 swing low to the $77.77 high.

It is now trading below $70.00 and the 55 simple moving average (4 hours). On the downside, initial support is near the $66.25 level. There is also a key bullish trend line forming with support near $66.25 on the 4-hour chart of the SOL/USD pair.

The trend line is close to the 61.8% Fib retracement level of the upward wave from the $59.13 swing low to the $77.77 high. The next major support is near the $62.50 and $62.00 levels.

A downside break below the $62.00 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $55.00 level. Any more losses might call for a test of $50.00. On the upside, immediate resistance is near the $68.50 level.

The next major resistance is near the $70.00 zone. Any more gains might send SOL price toward the $75.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $78.00 level.

Looking at the chart, Solana price is clearly trading below $70 and the 55 simple moving average (4 hours). Overall, the price must stay above the $66.25 and $62.00 support levels to start another increase.

Technical Indicators

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

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

Key Support Levels – $66.25 and $62.00.

Key Resistance Levels – $68.50, $70.00, and $75.00.