- The price of solana against the dollar began falling again after hitting resistance near $38.
- As of right present, the price is trading below $35 and the 55 simple moving average (4-hours).
- On the 4-hour scale, the SOL/USD pair has broken above a significant bearish trend line with resistance above $32.40. (data feed from Coinbase).
- If the pair breaks down below the $30.00 level, it could continue falling.
Just like bitcoin, the value of one unit of Solana has dropped below $35 in recent trade. If SOL maintains its current downward momentum and trades below the $35 support area, it could plunge even worse.
The price of SOL tried several times to build momentum over the $38 resistance zone. Th
Explanation of the Solana (SOL) Price Trend
e price was unable to break through the $38 level, and a new fall ensued.
The price went down steadily until it was well below the $35 support and the 55 simple moving average (4-hours). The $32 area of support was broken by the bears. Below $31.50, the pair picked up steam. There was a low near $30.01, and the price is currently consolidating losses.
The price went up slightly over the $31.50 mark. On the 4-hour chart for SOL/USD, important bearish trend line resistance near $32.40 was broken.
As of right present, the price is trading below $35 and the 55 simple moving average (4-hours). The $34.00 mark is short-term resistance on the upward. Near the $34.20 price point is where we expect to encounter some stiff competition again. As a percentage of the decline from the $48.10 swing high to the $30.00 low, it is close to the 23.6% Fibonacci retracement level.
If the price of gold continues to rise, it may soon test the $39.00 barrier. Price action from the $48.10 high to the $30.00 low is almost to the 50% Fibonacci retracement level.
At the moment, $31.20 seems to be an early support level to the bears. The $30 area is the subsequent important support level. If prices drop below the $30 support level, it might trigger a downward spiral. Assuming the scenario presented above, the price might fall to around $28. If we keep losing, maybe we should put $25 on the line.
If you take a look at the chart, you’ll see that the price of solana has dropped below $35 and the 55-day simple moving average (4-hours). If the price clearly breaks below the $30.00 support area, further declines are possible.
Signals from the Machines
Four-hour moving average convergence/divergence (MACD) – Bearish momentum on this indicator is fading.
The 4-hour relative strength index (RSI) is over 50, indicating an increase in price momentum.
$31.20 and $30.00 are critical support levels.
$34.00, $35.00, and $39.00 are critical resistance levels.