A Look at the Solana (SOL) Price: Bulls Target Steady Recovery

A Look at the Solana (SOL) Price Bulls Target Steady Recovery
  • 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.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.