• Solana (SOL) price started a decent increase above the $22 resistance against the US Dollar.
• The bulls were active near the $20 zone and a base was formed, causing prices to rise above $21.50 and even climb above $23.50.
• For prices to start another increase, they must stay above the $21.80 and $21.50 support levels.
Solana (SOL) Price Analysis
Solana price is trading above $22 against the US Dollar, with some corrections lower but potential for buying opportunities near the $22 zone. There was a break above a major contracting with resistance near $21 on the 4-hour chart of the SOL/USD pair, leading to an upward move that pushed prices past $23.50 before correcting lower again. For another increase in prices, it is necessary for them to remain above key supports at $21.80 and $21.50 respectively.
Upside Move
The bulls were active near the support at $20, forming a base that allowed for an increase in prices past both this level as well as previous resistance at around $21.50 level and eventually pushing beyond even the 55 simple moving average (4 hours). There was also a break beyond a major contracting with resistance near$21 on 4-hour chart of SOL/USD pair which led to an uptrend that sent prices up to around$23.75 before correcting lower again afterwards..
Support Levels
For there to be another increased in prices it is important for them to remain supported by key levels such as those at around$ 21 . 80 and 21 . 50 respectively; if these levels are breached then further declines will likely ensue down towards key support of$ 20 . 50 .On upside immediateresistanceisnear$ 23 . 20 followed by majorresistanceataround$ 23 . 75 from where further gains could pushpricesbeyondthe24 . 50 mark .
MACD & RSI
The MACD (4 hours) is losing momentum in its bullish zone while RSI (Relative Strength Index) shows signs of being slightly overbought following recent gains inthe marketpriceofSOL tokensasitcurrentlysitsat 71 points , suggestingsomecorrectionintheshorttermmay be imminent beforeanyfurthergainsaremadetothehigherlevels mentionedabove.$ 25levelrepresentsasmajorresistanceontheupsideandwillneedtobeclearedbefore anyfurthergainsaremadebythisaltcoinagainsttheUSdollarinthe comingdaysandweeks ahead
Conclusion
In conclusion, Solana price is currently trading wellabove boththe$ 22zoneand 55simplemoving average(4hours).Foranotherincreaseinpricestooccuritismostimportantforthemtoremain supportedbykeylevelsatthe$ 21 .80and 21 .50respectively;ifthese levelsarebreachedthenfurtherdeclineswilllikelyensuedowntowardskey supportof$ 20 . 50 levelon downsidewhilemajorresistanceliesaheadataroundthe25markon upsidebeforeanymorebullishmomentumcanbedisplayedbythis altcoinagainsttheUSdollarinthecomingperiods