• Solana (SOL) price started a decent increase above the $21.50 resistance against the US Dollar.
• There is major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair.
• The pair must clear $24.00 and $25.00 to continue higher in the near term.
Solana (SOL) Price Analysis
Solana price is trading above $22 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $24 resistance. There is a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase). The pair must clear $24.00 and $25.00 to continue higher in the near term.
Key Support Levels
An initial support for Solana is near the $22.30 level, along with a major bullish trend line forming with support at this level on its 4-hour chart of SOL/USD pair data feed from Coinbase. Any downside break below this level may push prices towards 50% Fib retracement level of its upward move from low of 1876 swing low to 2399 high mark, which can be considered as key support levels now for Solana (SOL).
Key Resistance Levels
On upside, an immediate resistance is seen around 2320 level and next major resistance lies at 24 mark for Solana (SOL). If it manages to break these levels then it may see further gains above 25 and 2680 levels in coming days ahead for SOL token holders as per current market situation analysis .
4 hours MACD – The MACD is currently losing momentum in bullish zone while 4 hour RSI(Relative Strength Index) is still trading above 50 level suggesting more buying pressure than selling pressure in upcoming trading sessions .
Overall, solana price needs to clear 24 and 25 marks before bulls can take control over bearish sentiments prevailing in crypto market right now and send prices higher up towards 2680 in coming days ahead as per existing technical analysis parameters .