SOL Price Analysis: Solana Could Recover Further If It Holds This Support

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• Solana price started a decent increase above the $16.00 resistance against the US Dollar.
• The price is now trading below $16.50 and the 55 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $16.20 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $17.00 and $17.78 to continue higher in the near term.

Solana price is trading above $16.00 against the US Dollar, similar to Bitcoin. SOL could start a strong increase if it clears the $17.78 resistance.

Solana (SOL) Price Analysis

SOL price started a decent recovery wave above the $15 pivot level. The price formed a base and was able to climb above the $15.50 and $16.00 levels.

There was a clear move above the 23.6% Fib retracement level of the key drop from the $22.32 swing high to the $13.20 low. The bulls were even able to pump the price above the $16.50 resistance zone. However, the bears were active near the $17.78 resistance.

The price struggled to surpass the 50% Fib retracement level of the key drop from the $22.32 swing high to the $13.20 low. SOL is now trading below $16.50 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $17.00 level. The next major resistance is near the $17.78 zone. Any more gains might send SOL price towards the $18.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $20.00 level.

On the downside, initial support is near the $16.20 level. There is also a major bullish trend line forming with support near $16.20 on the 4-hour chart of the SOL/USD pair.

The next major support is near the $15.30 level. A downside break below the $15.30 support level might push the price toward the $14.20 support. Any more losses might open the doors for more losses toward the $13.20 low in the coming sessions.

Solana (SOL) Price

Looking at the chart, Solana price is clearly trading just below $16.50 and the 55 simple moving average (4 hours). Overall, the price must clear $17.00 and $17.78 to continue higher in the near term.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

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

Key Support Levels – $16.20 and $15.30.

Key Resistance Levels – $17.00, $17.78, and $18.50.

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