Solana (SOL) Price Analysis: Can Bears Break This Uptrend Support?

• Solana price started a fresh decline from the $34.50 resistance zone against the US Dollar.
• The price is now trading below $33 and the 55 simple moving average (4-hours).
• There was a break below a major contracting triangle with support near $33.00 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
• The pair could extend losses if there is a clear move below the $30.40 support zone.

Solana price is trading below $33 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $32.50 resistance zone.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $34.50 resistance zone. However, the price failed to clear the $35 zone and started a fresh decline from $34.50.

There was a steady decline below the $33.50 support and the 55 simple moving average (4-hours). The price declined below the $33.00 support. Besides, there was a break below a major contracting triangle with support near $33.00 on the 4-hours chart of the SOL/USD pair.

The price traded as low as $30.42. It is now trading below $33 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $31.40 level. It is near the 23.6% Fib retracement level of the recent decline from the $34.50 swing high to $30.42 low.

The next major resistance is near the $32.40 level. It is close to the 50% Fib retracement level of the recent decline from the $34.50 swing high to $30.42 low.

A clear move above the $32.40 and $32.50 resistance levels might call for a steady increase. The next major resistance sits near the $34.00 level. Any more gains might send sol price towards the $35.00 resistance zone.

On the downside, an initial support is near the $30.40 level. A downside break below the $30.30 support level might spark a major drop. In the stated case, the price may perhaps decline towards the $28 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 $30.40 support zone.

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 – $30.40 and $30.00.

Key Resistance Levels – $31.40, $32.40 and $34.00.

Tags: SOL, Solana