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Solana (SOL) Price Analysis: Bulls Face Uphill Task

Date:

  • Solana price started a fresh decline from the $90.00 zone against the US Dollar.
  • The price is now trading below $85.00 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $83.85 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $84.00 and then $85.00 to start a fresh increase in the near term.

Solano price is struggling to settle above the $85.00 resistance against the US Dollar, similar to bitcoin. SOL even spiked above $85.000, but it failed to stay in the positive zone.

Solana (SOL) Price Analysis

SOL price formed a base above the $77.50 level. As a result, it started a decent increase and broke many hurdles near the $80.00 level.

The price even spiked above the $84.00 resistance and the 55 simple moving average (4-hours). There was a move above the 50% Fib retracement level of the main decline from the $89.93 swing high to $77.74 swing low.

Finally, there was a move above the $85.00 resistance level. However, the price struggled near $86.00. It tested the 61.8% Fib retracement level of the main decline from the $89.93 swing high to $77.74 swing low. The bears protected a clear upside break and the price trimmed gains from $86.00.

It is now trading below $85.00 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $84.00 level.

The next major resistance on the upside is near the $85.00 level. There is also a major bearish trend line forming with resistance near $83.85 on the 4-hours chart of the SOL/USD pair. To start another increase, the price must settle above the $84.00 level in the near term.

The next major resistance could be $86.00, above which the price could rise to $92.00. If there is no upside break, the price might start a decline below the $80.00 level.

The next key support is near the $77.80 level, below which there is a risk of a move towards the $75.50 level. Any more losses might call for a test of the key $72.00 support zone.

Solana (SOL) Price

Solana (SOL) Price

Looking at the chart, solana price is clearly trading below $85.00 and the 55 simple moving average (4-hours). Overall, the price must clear $84.00 and then $85.00 to start a fresh increase in the near term.

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 just above the 50 level.

Key Support Levels – $80.00 and $77.80.

Key Resistance Levels – $84.00, $85.00 and $86.00.

The post Solana (SOL) Price Analysis: Bulls Face Uphill Task appeared first on Live Bitcoin News.

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