Solana (SOL) Price Analysis: Dips Are Protected Near $110

• Solana price started a downside correction from the $145 zone against the US Dollar.
• The price is now trading below $125 and the 55 simple moving average (4 hours).
• There was a break below a key bullish trend line with support at $130 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must stay above the $115 and $110 support levels to start another increase.

Solana price is trading above $110 against the US Dollar, like Bitcoin. SOL is consolidating gains and might start a fresh increase above $128.

Solana (SOL) Price Analysis

SOL price attempted more upsides above the $128 resistance zone. The price climbed above the $132 zone, but the bears were active near the $145 zone.

A high was formed near $143.00 before there was a downside correction. The price declined below the $132 support zone. There was a break below a key bullish trend line with support at $130 on the 4-hour chart of the SOL/USD pair.

The bears were able to push the price below the 50% Fib retracement level of the upward wave from the $98.46 swing low to the $143.00 high. It is now trading below $125 and the 55 simple moving average (4 hours).

On the downside, initial support is near the $115 level. It is close to the 61.8% Fib retracement level of the upward wave from the $98.46 swing low to the $143.00 high. The next major support is near the $110 level. A downside break below the $110 support level might spark a sharp decline.

In the stated case, the price may perhaps decline toward the $102 level. Any more losses might call for a test of $98. On the upside, immediate resistance is near the $128 level. The next major resistance is near the $132 zone. Any more gains might send SOL price toward the $145 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $160 level.

Looking at the chart, Solana price is clearly trading below $125 and the 55 simple moving average (4 hours). Overall, the price must stay above the $115 and $110 support levels to start another increase.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $115 and $110.

Key Resistance Levels – $128, $132, and $145.