• Solana (SOL) 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.
Solana (SOL) Price Analysis
Solana price started a decent increase above the $21.50 resistance against the US Dollar. The bulls were active near the $19.20 zone and formed a base that led to an uptrend above the $21.20 level and 55 simple moving average (4-hours). Currently, solana price is trading above $22 and has an immediate resistance near the $23.20 mark. If it clears this level, more gains are possible towards the $24 and even up to $25 level in the near term.
Key Support Levels
The key support levels for solana are at $22.30 and then at $21.40 marks respectively. If these levels fail to hold, further losses may be seen towards 50% Fib retracement level of its upward move from 1876 swing low to 2399 high mark which stands close to 20$ mark currently .
Key Resistence Levels
On upside, there is an immediate resistance near 23$ mark followed by 24$ and 25$ marks while 2680$ marks serves as major resitance in current market conditions for solana coin .
As per 4 hours MACD charts , momentum is losing out in bullish zone while RSI value sits steady around 50 level indicating no extremly overbought or oversold situation exists in current market conditions .
In conclusion , solana price needs to clear 24$ and 25$ marks in order to continue higher in short term while any more losses might send it back towards 20$ support area .