Solana Price Analysis: SOL/USD continues topping the charts posting record daily rallies above 10 percent

Polkadot price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today
  • SOL/USD traded within a daily range of $68 – $75.90
  • Solana’s daily trading volume is 16.78 percent up from yesterday’s figure

Solana Price Analysis: General price overview

Solana price analysis is bullish today after buyers began rejecting further lower correction following a gradual movement to the $76 mark overnight. Hence, SOL/USD is likely to set another higher low in the coming hours and prepares to move higher from there.

The cryptocurrency market has been trading in the bearish zone for the last 2 days. The majority of the coins lost momentum over the last 24 hours. Market leaders Bitcoin and Ethereum shed 1.79 and 2.02 percent, respectively. However, Solana, Dogecoin, and Cardano gained 11.00 percent, 1.00 percent, and 6.95 percent respectively. Thereby making Solana the hottest gainer of the day.

Solana price movement in the last 24 hours: SOL/USD rapidly dashes above $73

SOL/USD traded within a daily range of $68 – $75.90, therefore suggesting a substantial amount of volatility over the last 24 hours. Solana’s daily trading volume is 16.78 percent up from yesterday’s figure and totals $4.3 billion. On the other hand, the coin’s market capitalization is approximately $20.3 billion after increasing by 7.4 percent in the last 24 hours. 

SOL/USD 4-hour chart:  Solana is preparing for rapid price rally to break out the $100 target

Solana price analysis on the 4-hour chart observes a solid attempt by the bulls to recover the $75 daily high. While the market is trading sideways within this price action duration; it is evident that the bulls could be preparing to activate another bullish momentum. 

The coin’s price momentum has been rapidly increasing over the past few weeks, breaking resistance after resistance and setting fresh new highs.  

Solana price analysis
Source: TradingView

In fact, Solana was the least affected cryptocurrency during the May crash and that is also reflected as days go by; with the coin topping daily charts as the highest gainer on most occasions. These movements have resulted in the bears finally becoming exhausted and letting the bulls win. 

Yesterday, SOL/USD finally saw a substantial rally, with a rapid spike to the $79 mark. Uniswap rejected further downside above the support and started to consolidate, indicating an upcoming rally. 

At the time of writing, Solana is trading at $71.90. 

Solana price analysis conclusion

Solana price analysis is bullish for the next few days as a strong bullish continuation of around 11 percent was seen over the last 24 hours, and support was found above the $68 mark. Therefore, we expect SOL/USD to keep rising and breach even more resistance levels in the upcoming sessions. 

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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