SOL Price Analysis: Solana Could Recover Further If It Clears $22.40 | Live Bitcoin News

• Solana price started a decent increase above the $20.80 resistance against the US Dollar.
• The price is now trading above $20.50 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $20.75 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $22.00 and $22.40 to continue higher in the near term.

Solana price is trading above $21.00 against the US Dollar, similar to Bitcoin. SOL could start a strong increase if it clears the $20.40 resistance.

Solana (SOL) Price Analysis

SOL price started a decent recovery wave from the $20.00 support zone. The price formed a base and was able to climb above the $20.50 and $20.60 levels.

There was a clear move above the 23.6% Fib retracement level of the key drop from the $25.39 swing high to the $19.29 low. Besides, there was a break above a key bearish trend line with resistance near $20.75 on the 4-hour chart of the SOL/USD pair.

The bulls were even able to pump the price above the $21.50 resistance zone. However, the bears were active near the $22.00 resistance.

The price struggled to surpass the 50% Fib retracement level of the key drop from the $25.39 swing high to the $19.29 low. SOL is now trading above $20.50 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $22.00 level. The next major resistance is near the $22.40 zone. Any more gains might send SOL price towards the $24.10 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $25.00 level.

On the downside, initial support is near the $20.70 level. The next major support is near the $20.00 level. A downside break below the $20.00 support level might push the price toward the $19.20 support. Any more losses might open the doors for more losses toward $18.00.

Looking at the chart, Solana price is trading above $20.50 and the 55 simple moving average (4 hours). Overall, the price must clear $22.00 and $22.40 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 above the 50 level.

Key Support Levels – $20.70 and $20.00.

Key Resistance Levels – $22.00, $22.40, and $24.00.

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• Source: https://www.livebitcoinnews.com/sol-price-analysis-solana-could-recover-further-if-it-clears-22-40/