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Solana Price Analysis: SOL/USD breaks out of $44 overhead resistance

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bullish for the next 24 hours
  • Bitcoin is up by 3.97 percent, Ethereum rose by  4.12 percent.
  • As of this writing, Solana is trading at $44 against the US dollar.

Solana Price Analysis: General price overview

The Solana price analysis is bullish for the next 24 hours, as it has managed to move above the $44 overhead resistance. We expect SOL/USD to trace a continuation higher and attempt to set a higher high.

Overnight, cryptocurrency markets turned green in favor of the bulls. Bitcoin is up by 3.97 percent, Ethereum rose by  4.12 percent, and Ripple (XRP) led at the front by 11.21 percent. 

Solana price movement in the last 24 hours

The SOL/USD market has been stable for the entire day after it traded between a narrow daily range of $43.665 – $44.869. Over the last 24 hours, Solana’s trading volume rose by 10.87 percent to a total of $521 million. The market capitalization for SOL rose by 2.76 percent to $12 billion.

Solana 4-hour price analysis

On the 4-hour Solana price analysis chart, we see that the coin has found temporary support at $43.50 as another higher low needs to be set before any upward movement can occur.This is because sellers are still acting against overhead resistance at $44. 

Solana’s price has seen a strong bullish momentum return this week. After consolidating around the $0.20 as of July 22, bulls gathered momentum and pushed SOL/USD towards the $0.28 mark by August 5th

One of the two barriers preventing Solana from reaching a new high is critical, while the other barrier isn’t as significant. For SOL’s recovery to continue, it will need to break through one of these barricades.

From here, SOL demonstrated resistance at the $44 level and retested this line as a potential support point during the early morning hours. Yesterday, SOL/USD rallied until it reached the $43.00 mark before encountering strong selling pressure that sent it back to static mode for most of Friday’s trading session. 

However, the coin broke out once more at the close of yesterday’s session as the bulls entered the weekend. As of this writing, Solana is trading at $44 against the US dollar. 

Solana price analysis
Source: TradingView

Solana price analysis conclusion

As Solana reached a key resistance level, it quickly rebounded. As support for this price was tested, the coin has consolidated around that point today and as bulls prepare for another rally higher.Therefore, we can conclude that today’s Solana price analysis is bullish and will remain as so in the upcoming 24 hours.

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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