Solana (SOL) Price Analysis: Bulls Take A Break

Table of Contents

Solana price started a downside correction from the $68.20 zone against the US Dollar.
The price is now trading below $60.00 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $57.50 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair must stay above the $51.00 and $49.50 support levels to start another increase.

Solana price is trading above $50 against the US Dollar, like Bitcoin. SOL is correcting lower, but it might find bids near the $50.00 zone.

Solana (SOL) Price Analysis

SOL price attempted more upsides above the $60.00 resistance zone. The price climbed above the $65.00 zone, but the bears were active near the $68.00 zone.

A high was formed near $68.18 before there was a downside correction. The price declined below the $62.00 support zone. There was a break below a key bullish trend line with support near $57.50 on the 4-hour chart of the SOL/USD pair.

The bears were able to push the price below the 50% Fib retracement level of the upward wave from the $38.02 swing low to the $68.18 high. It is now trading below $60.00 and the 55 simple moving average (4 hours).

On the downside, initial support is near the $51.50 level. The next major support is near the $50.00 and $49.50 levels. It is close to the 61.8% Fib retracement level of the upward wave from the $38.02 swing low to the $68.18 high.

A downside break below the $49.50 support level might spark a sharp decline. In the stated case, the price may perhaps decline toward the $45.20 level. Any more losses might call for a test of $40.00.

On the upside, immediate resistance is near the $55.50 level. The next major resistance is near the $58.00 zone. Any more gains might send SOL price toward the $62.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $68.00 level.

Looking at the chart, Solana price is clearly trading below $60 and the 55 simple moving average (4 hours). Overall, the price must stay above the $51.00 and $49.50 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 – $51.00 and $49.50.

Key Resistance Levels – $55.50, $58.00, and $62.50.