Solana (SOL) Price Analysis: Bears Are Back, Can This Support Hold?

• Solana price started a fresh decline from the $39.00 resistance zone against the US Dollar.
• The price is now trading below $35 and the 55 simple moving average (4-hours).
• There was a break below a key bullish trend line with support near $35.90 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
• The pair could extend losses if there is a clear move below the $32.80 support zone.

Solana price is trading below $35 against the US Dollar, similar to bitcoin. SOL could accelerate further lower if it stays below the $35.50 resistance zone.

Solana (SOL) Price Analysis

SOL price made a few attempts to gain strength above the $40 resistance zone. However, the price failed to clear the $40 zone and started a fresh decline.

There was a steady decline below the $38.50 support and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near $35.90 on the 4-hours chart of the SOL/USD pair. The pair declined below the $35.50 support and the 55 simple moving average (4-hours).

Besides, there was a push below the 50% Fib retracement level of the upward move from the $30.31 swing low to $38.99 high. The pair even settled below the $35 level and is currently struggling near the $33.80 level.

On the downside, an initial support is near the $33.20 level. The next key support is near the $32.50 level. It is near the 76.4% Fib retracement level of the upward move from the $30.31 swing low to $38.99 high. A downside break below the $32.50 support level might spark a major drop.

In the stated case, the price may perhaps decline towards the $30 level. Any more losses might call for a test of $28.

On the upside, an immediate resistance is near the $34.20 level and the 55 simple moving average (4-hours). The next major resistance is near the $35.00 level. A clear move above the $35.00 and $35.50 resistance levels might call for a steady increase.

The next major resistance sits near the $38.00 level. Any more gains might send sol price towards the $40.00 resistance zone.

Solana (SOL) Price

Looking at the chart, solana price is clearly trading below $35 and the 55 simple moving average (4-hours). Overall, the price could extend losses if there is a clear move below the $32.80 support zone.

Technical Indicators

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

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

Key Support Levels – $32.50 and $30.00.

Key Resistance Levels – $34.20, $35.00 and $38.00.

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