Solana Price Starts Fresh Increase
Solana’s price has shown positive signs, trading above $24 and the 100 simple moving average (4 hours). It broke above a major bearish trend line with resistance near $23.10. If it clears the $25.65 resistance zone, the price could continue to move up.
Are Dips Limited in SOL?
If SOL fails to clear the $25.65 resistance, it could start a fresh decline. Initial support is near the $24.00 level and the 100 SMA. The first major support is near $23.50, with a risk of more downsides toward the $21.20 support in the near term.
Technical Indicators
- 4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Points:
- SOL price is trading above $24 and the 100 simple moving average (4 hours).
- A major bearish trend line was broken with resistance near $23.10.
- The pair could continue to move up if it clears the $25.65 resistance zone.
- If SOL fails to clear the $25.65 resistance, it could start a fresh decline.
- Initial support is near the $24.00 level and the 100 SMA.
Hot Take
Solana’s price is showing positive signs and could continue to move up if it clears the resistance zone. However, there is a risk of a fresh decline if it fails to clear the resistance. It is important to monitor the key support and resistance levels to make informed trading decisions.
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