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Solana Price Analysis: SOL overcomes $27 price hurdle to gain over 10 percent

Polkadot price analysis

TL;DR Breakdown

  • Solana is among the top hottest gainers on the 2-day chart
  • Resistance is located at $34 and $35
  • One final bullish push could adjust the daily high from $33.00

Solana Price Analysis: General price overview

Solana is among the top hottest gainers on the 2-day chart after gaining over 10 percent. This makes today’s Solana price analysis bullish and in sync with Bitcoin’s rally to $40,000. Traders are expecting further gains if the bigger coins will continue with the bullish rally. Ideally, the present rally could support a strong long-term break out that could see SOL hit near $40.

Overall, the cryptocurrency market has witnessed high choppiness over the last 24 hours. Bitcoin went up by 1.24 percent, Ethereum and Cardano rose by 4.80 and 1.92 percent respectively. 

Solana (SOL) rose by 13.96 percent giving it advantage over the bears and enabling the scalability chain to hit levels around $32.

Solana price movement in the last 24 hours:

SOL/USD has traded within the $30.00 – $33.96, suggesting mild volatility on the daily trading chart. Trading volume rose by 6 percent and achieved a 24-hour trading volume of $609 million. The total market capitalization according to Coin Market Cap stands at $8.6 billion and rank at number 14 among the top 20 digital currencies by market cap. 

Solana 4-hour chart: Preparing to test $35

Solana is attempting to extend a bullish continuation towards $33 on the 4-hour price analysis. Resistance is located at $34 and $35, high chances of rejecting the price at this pont and exerting downward pressure on the coin exist.

This might end up pushing SOL into higher lows below $30. However, the bulls are strong and up against any bearish forces in the short and medium term.

Hence, traders can anticipate more upsides on the weekly chart and higher gains as we head into the weekend. 

Solana price
Source: TradingView

Solana price action has witnessed strong bullish momentum for the second consecutive week. This was after rapid losses at the start of July where the coin sank into the $18 region. 

Nonetheless, the SOL/USD trading pair has already established a consolidation range below $28 , a region with little chances of a break down. 

One final bullish push could adjust the daily high from $33.07, to $34 and thererefore give buyers advantage over the $34 price resistance.

At the time of writing, Solana is trading at $31.90 against the US dollar. 

Solana 4-hour price analysis: Conclusion 

Projects on Solana are gaining great traction in the DeFi space after the second largest ecosystem on the blockchain, Saber, raised over $7.7 million in seed fund. Saber ranks number by total locked value at $185.77 million. 

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Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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