• Solana (SOL) price started a decent increase above the $23.80 resistance against the US Dollar.
• There is a key rising channel forming with resistance near $26.20 on the 4-hour chart of the SOL/USD pair.
• The pair must stay above the $24.00 and $23.80 support levels to start another increase.
Solana (SOL) Price Analysis
Solana price is trading in a positive zone above $24 against the US Dollar, similar to Bitcoin. The bulls were active near the $22 zone, which led to a clear move above the $23.80 level and the 55 simple moving average (4 hours). A high was formed near $26.03 before there was a downside correction.
On the upside, immediate resistance is near the $25.50 level followed by the major resistance at around $26.00 zone. There is also a key rising channel forming with resistance near $26.20 on the 4-hour chart of the SOL/USD pair which could further push prices higher towards its next major resistance at around $28.80 level if breached successfully from current levels .
On downside, initial support lies near at around 24$ mark and any more losses might call for a test of 22$ level as well as 23$ being its major support lying just below it..The next major support is near 23$ region where if broken can send prices even lower towards 19$.
Overall, solana price must stay above 24$ and 23$ support levels to start another increase while any more gains will push prices higher towards 27$ -28$.8 range if breach successfully from current levels .