SOL Price Analysis: Solana Rally Seems Unstoppable Above $40

• Solana price started a fresh increase wave above the $40.00 resistance against the US Dollar.
• The price is now trading above $40.00 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $40.80 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $44.80 and $46.00 to continue higher in the near term.

Solana price is trading above $40.00 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $44.80 resistance.

Solana (SOL) Price Analysis

SOL price started a decent upward move from the $38.00 support zone. The price formed a base and was able to climb above the $39.50 and $40.00 levels.

There was a clear move above the 50% Fib retracement level of the downward move from the $46.97 swing high to the $38.02 low. The bulls were even able to push the price above the $42.50 resistance zone. However, the bears were active near the $44.80 resistance.

The price struggled to surpass the 76.4% Fib retracement level of the downward move from the $46.97 swing high to the $38.02 low. SOL is now trading above $40.00 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $44.80 level. The next major resistance is near the $46.00 zone. Any more gains might send SOL price towards the $48.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $50.00 level.

On the downside, initial support is near the $42.20 level. The next major support is near the $40.50 level. There is also a key bullish trend line forming with support near $40.80 on the 4-hour chart of the SOL/USD pair.

A downside break below the $40.00 support level might push the price toward the $38.00 support. Any more losses might open the doors for more losses toward $35.00.

Looking at the chart, Solana price is trading above $40.00 and the 55 simple moving average (4 hours). Overall, the price must clear $44.80 and $46.00 to continue higher in the near term.

Technical Indicators

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

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

Key Support Levels – $42.20 and $40.00.

Key Resistance Levels – $44.80, $46.00, and $50.00.

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