HomeBitcoinSOL Price (Solana) Signals Short-Term Top, Here Are Key Supports To Watch

SOL Price (Solana) Signals Short-Term Top, Here Are Key Supports To Watch

-

Solana surged toward $80 before the bears appeared. SOL price is now correcting gains but the bulls might remain active near the $65 support.

  • SOL price started a major rally above the $65 resistance before the bears appeared against the US Dollar.
  • The price is now trading above $65 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $65.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
  • The pair could accelerate lower if there is a clear move below the $55.00 support.

Solana Price Starts Downside Correction

In the past few days, Solana saw a major rally above the $60 level. SOL gained bullish momentum after it settled above $65, like Bitcoin and Ethereum.

The bulls even pumped the price above the $72 level. A high was formed near $77.72 and the price recently saw a downside correction. It traded below $72 and tested $70. The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $53.50 swing low to the $77.72 high.

SOL is still trading above $66 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $65.00 on the 4-hour chart of the SOL/USD pair.

The trend line is near the 50% Fib retracement level of the upward move from the $53.50 swing low to the $77.72 high. On the upside, immediate resistance is near the $72.00 level. The first major resistance is near the $75.00 level.

SOL Price (Solana)

Source: SOLUSD on TradingView.com

The main resistance is now near $78. A successful close above the $78 resistance could set the pace for a larger increase. The next key resistance is near $82.50. Any more gains might send the price toward the $86.52 level.

More Losses in SOL?

If SOL fails to recover above the $72.00 resistance, it could continue to move down. Initial support on the downside is near the $68.00 level.

The first major support is near the $65.00 level or the trend line, below which the price could test $62. If there is a close below the $62 support, the price could decline toward the $55 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $65.00, and $62.00.

Major Resistance Levels – $72.00, $75.00, and $78.00.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Lemon Report: Argentina Leads Crypto Adoption in Latam; Tether Dominates Stablecoin Sector

Argentina is leading the adoption of cryptocurrency in Latin America. According to a report titled “Argentina Crypto Capital,” produced by Lemon, a leading exchange in...

SEC Seeks Change To Remedies Briefing Deadlines

In the ongoing XRP lawsuit between the US Securities and Exchange Commission (SEC) and Ripple Labs, Inc., the SEC has formally requested a modification to...

Most Popular

spot_img