Solana (SOL) Price Analysis: Bulls Eyeing $25, More Gains Possible

• Solana (SOL) price started a decent increase above the $21.50 resistance against the US Dollar.
• The pair must clear $24.00 and $25.00 to continue higher in the near term.
• SOL could start a strong increase if it clears the $24 resistance.

Solana Price Analysis

Solana price is trading above $22 against the US Dollar, similar to bitcoin. 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). The pair must clear $24.00 and $25.00 to continue higher in the near term, while an immediate resistance is near the $23.20 level.

Technical Indicators

The MACD is now losing momentum in the bullish zone, while the RSI is now above the 50 level. Key Support Levels are at $22.30 and $21.40, while Key Resistance Levels are at 24$, 25$ and 26$.8$.

Bullish Trend Movement

There was a steady increase above the $22 level and 55 simple moving average (4-hours). The pair even climbed above the 23.$50 level before there was a downside correction and it pulled back below 23$. However, Solana price remains in a bullish zone above 19$.20 support levels with a base formed at 21$.20 level for further gains towards 24$ resistance levels mentioned uppermost in this article .

Downside Break Below 22$ Level

On downside, an initial support lies near 22$.30 level with major bullish trend line forming that support line on 4-hours chart of SOL/USD pair data feed from Coinbase; any more losses could be tested at 20$ levels by breaking down below this trendline .

Conclusion

Overall, solana price is clearly trading above 22$ showing signs of positivity as it needs to break up 24$, 25$ levels for further gains; any downside break below 22$ will pull back its prices towards 20$ range making bears stronger than bulls thus affecting its prices adversely .