- 5-day Solana price analysis chart traded in bullish momentum.
- Bitcoin is aiming at going back to the $50k zone.
- Balance of Power indicator consolidates around 1 signifying a bullish market with more buyers.
Solana price analysis: General price overview
5-day Solana price analysis chart traded in bullish momentum on the 29th. The bull trend has not seized as on the daily studies. the SOL/USD pair is trading in a positive momentum despite many cryptocurrencies recording slight drops.
The 20-day Moving Average is rising, suggesting that the price of SOL/USD is on an uptrend. The 20-day MA has crossed over the 50-day MA, indicating that the market is bullish. Bears are not likely to curb the bull momentum as the bulls are aiming to enter into the weekend with a positive trend as per Solana price analysis.
Generally, on the 24-hours price analysis chart, the green candlesticks seem to have outnumbered the red ones. This indicates that the bulls outnumbered the bears and made most of the trading sessions trade bullishly.
The cryptocurrency heat map is balanced; the number of losers is almost the number of gainers, as evidenced on the heat map. Bitcoin is aiming at going back to the $50 zone. While the second-largest digital asset aims at reaching a $4K target. Solana has recorded a 20 percent gain and it is currently trading at $133.5.
SOL/USD price movement in the last 24 hours: Bulls dominate SOL/USD market
The daily price analysis chart began while the bulls took control of SOL/USD marketing, causing the prices to move upward in several head and shoulder patterns. The bulls dominated the market before bears caused a strong resistance at the intraday highs of $138.3. Most of the indicators suggest that the market is bullish, and the market will continue trading in the same trend over the weekend.
The MACD line has crossed over the red line on the four-hour price analysis chart, and it points upwards, suggesting that it is not likely to cross below the red line soon. The green bars are taller than the red bars; this results from the intense buying pressure that the market is experiencing.
Bollinger bands have widened on the four-hour price analysis chart, indicating SOL/USD is experiencing moderate volatility. SOL price is pointing towards the upper band, meaning that the market is strongly bullish.
Solana price analysis: Conclusion
Solana has been trading in a bullish momentum throughout the week, and the positive momentum will not stop. There is a bigger possibility that SOL/USD will continue the bullish trend over the weekend as per Solana price analysis.
The probability of bears curbing the bull trend is almost zero. However, next week the sellers will likely go to the drawing table and gathered in large numbers to bring down the mighty bulls.
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