Solana (SOL) Price Analysis: More Gains Possible Above $24
• Solana (SOL) price has started a decent increase above the $21.50 resistance against the US Dollar.
• There is a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair.
• The pair must clear $24.00 and $25.00 to continue higher in the near term.
Solana (SOL) Price Analysis
Solana price is trading above $22 against the US Dollar, similar to bitcoin. SOL could start a strong increase if it clears the $24 resistance level. There is a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair (data feed from Coinbase).
Price Increase Above $21
Solana price remained in a bullish zone above the $19.20 and $20 support levels. A base was formed and bulls took control, pushing prices up above the critical level of$21 to form an uptrending channel pattern over recent days and weeks.. A high was formed near$23 before there was a downside correction, but prices remain well supported at current levels by this channel pattern..
On the upside, an immediate resistance is near the$23 level, followed by another at around$24 . The next major resistance after that lies at around$25 . Any more gains beyond here could cause solana prices to accelerate even further higher in value over time..
On the downside, an initial support exists at around$22 . There is also a major bullish trend line forming with support near$22 .30 on 4-hour charts for SOL/USD pairs (data feed from Coinbase). A downside break below this level could push prices towards 50% Fib retracement level ofthe upward move from 18$.76 swing low to 23$.99 high..
Overall, Solana price must clear its resistances at 24$, 25$, and 26$.80 in order to continue heading upwards into profitable territory in thenear term future..