Solana (SOL) Price Analysis: Bulls In Control Above $28.50
Solana price started a steady increase above the $25.00 resistance against the US Dollar.
The price is now trading above $28.50 and the 55 simple moving average (4 hours).
There is a key rising channel forming with support near $30.40 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
The pair must clear $32.00 and $32.80 to continue higher in the near term.
Solana price is trading in a positive zone above $28.50 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $32.00 resistance.
Solana (SOL) Price Analysis
SOL price remained in a bullish zone above the $24.50 and $25.00 support levels. The bulls were active near the $25.00 zone. A base was formed, and the price started a decent increase above the $26.50 level.
There was a steady increase above the $28.50 level and the 55 simple moving average (4 hours). The pair even climbed above the $30.00 level. A high was formed near $32.69 before there was a downside correction. The price declined below the $31.50 support zone.
It tested the 23.6% Fib retracement level of the upward move from the $20.93 swing low to the $32.69 high. There is also a key rising channel forming with support near $30.40 on the 4-hour chart of the SOL/USD pair.
It is now trading above $28.50 and the 55 simple moving average (4 hours). On the upside, an immediate resistance is near the $32.00 level. The next major resistance is near the $32.40 zone. Any more gains might send SOL price toward the $34.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $35.00 level.
On the downside, initial support is near the $30.40 level. A downside break below the $30.40 support level might push the price toward the $28.50 level.
Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $20.93 swing low to the $32.69 high at $26.80.
Looking at the chart, Solana price is clearly trading above $28.50 and the 55 simple moving average (4 hours). Overall, the price must clear $32.00 and $32.80 to continue higher in the near term.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $30.40 and $28.50.
Key Resistance Levels – $32.00, $32.80 and $34.50.
The post Solana (SOL) Price Analysis: Bulls In Control Above $28.50 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ October 25, 2023 5:58 am