Analysis of Solana (SOL) price: Opportunities for buying at $170

  • Exciting news for Solana enthusiasts! The Solana price has experienced a slight dip from the $205 mark against the US Dollar.
  • Currently, the price is below $190 and the 55 simple moving average (4 hours).
  • Interestingly, a significant bullish trend line with support at $190 was broken on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • To kickstart another upswing, the pair needs to maintain levels above $172 and $162.

Just like Bitcoin, Solana price is correcting from $205 against the US Dollar. If the bulls continue to dominate above $162, SOL could experience a fresh uptrend.

Solana (SOL) Price Analysis

Efforts were made to push SOL price beyond the $190 resistance area. Despite reaching above $200, the bears became active near $205.

A peak was reached near $204.25 before a downward correction took place. The price dropped below the $200 support zone, breaking a critical bullish trend line with support at $190 on the 4-hour chart of the SOL/USD pair.

The bears managed to bring the price below the 50% Fib retracement level of the upward move from the $162 low to the $205 high. Currently, the price is below $190 and the 55 simple moving average (4 hours).

On the downside, initial support is seen near the $178 level and the 61.8% Fib retracement level of the upward wave from the $162 low to the $205 high. The next major support rests around $172. A breach below the $172 support level could trigger a sharp decline.

In such a scenario, we might see the price drop towards the $162 level. Further losses could lead to a test of $150. On the upside, immediate resistance is at $190, followed by a major hurdle around the $205 zone.

If there are further gains, SOL price could head towards the $225 resistance zone, paving the way for even higher acceleration. The next significant resistance level lies near $240.

Solana (SOL) Price

From the chart analysis, it’s evident that Solana price is currently under $190 and the 55 simple moving average (4 hours). To launch another uptrend, maintaining levels above $172 and $162 is crucial.

Technical Indicators

4 hours MACD – The MACD is showing a decrease in bearish momentum.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $172 and $162.

Key Resistance Levels – $190, $200, and $205.


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