Solana Price Analysis – April 4
The Solana price is seen facing the upside as the coin moves to recover above the lower boundary of the channel to reach $131 resistance.
Resistance levels: $145, $155, $165
Support levels: $115, $105, $95
SOL/USD is hovering below the 9-day and 21-day moving averages but trying to recover from the lower boundary of the channel. The last couple of days revealed that the Solana price followed the bearish movement. However, the market is projecting a volatile movement where Solana could head in the next possible direction.
Solana Price Analysis: SOL Price May Visit the Downside
As the daily chart reveals, the Solana price is recovering from the daily low of $125. However, any fall-back-formation below the lower boundary of the channel may bring the price to the support levels of $115, $105, and $95 after which it can create more downsides.
Moreover, considering the upward trend for this coin, SOL/USD could once again surge towards the upper boundary of the channel to hit the potential resistance levels of $145, $155, and $165 in the long-term bullish. Nevertheless, the technical indicator Relative Strength Index (14) is currently moving below 60-level, which indicates that the coin may recover the lost gains.
SOL/BTC Market: Solana Price Risks More Downtrends
When compared with Bitcoin, the Solana (SOL) is trading below the 9-day and 21-day moving averages within the channel where the price is expected to break more downtrends. However, should the price head to the south, it may likely hit the support level of 2600 SAT and below.
On the contrary, if the SOL price cross above the 9-day and 21-day moving averages, the coin is expected to touch the resistance at 3100 SAT and above. Moreover, the technical indicator Relative Strength Index (14) is seen moving around 50-level which reveals that the Solana price may follow the sideways movement.