Solana (SOL) Price Analysis: Bulls In Control Above $28.50 | Live Bitcoin News

• Solana price started a steady increase above the $25.00 resistance against the US Dollar.
• The price is now trading above $28.50 and the 55 simple moving average (4 hours).
• There is a key rising channel forming with support near $30.40 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $32.00 and $32.80 to continue higher in the near term.

Solana price is trading in a positive zone above $28.50 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $32.00 resistance.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone above the $24.50 and $25.00 support levels. The bulls were active near the $25.00 zone. A base was formed, and the price started a decent increase above the $26.50 level.

There was a steady increase above the $28.50 level and the 55 simple moving average (4 hours). The pair even climbed above the $30.00 level. A high was formed near $32.69 before there was a downside correction. The price declined below the $31.50 support zone.

It tested the 23.6% Fib retracement level of the upward move from the $20.93 swing low to the $32.69 high. There is also a key rising channel forming with support near $30.40 on the 4-hour chart of the SOL/USD pair.

It is now trading above $28.50 and the 55 simple moving average (4 hours). On the upside, an immediate resistance is near the $32.00 level. The next major resistance is near the $32.40 zone. Any more gains might send SOL price toward the $34.50 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $35.00 level.

On the downside, initial support is near the $30.40 level. A downside break below the $30.40 support level might push the price toward the $28.50 level.

Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $20.93 swing low to the $32.69 high at $26.80.

Looking at the chart, Solana price is clearly trading above $28.50 and the 55 simple moving average (4 hours). Overall, the price must clear $32.00 and $32.80 to continue higher in the near term.

Technical Indicators

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

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

Key Support Levels – $30.40 and $28.50.

Key Resistance Levels – $32.00, $32.80 and $34.50.

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• Source: https://www.livebitcoinnews.com/solana-sol-price-analysis-bulls-in-control-above-28-50/