TL; DR Breakdown
- SOL/USD was trading in a bearish momentum on yesterday’s Solana price analysis chart.
- Most of the digital assets have had a bad week as most coins have recorded huge price dips.
- In the last 24 hours, SOL/USD has been trading in a positive trend.
Solana price analysis: General price overview
SOL/USD was trading in a bearish momentum on yesterday’s Solana price analysis chart. The bearish trend continued to today’s price analysis chart.
The bulls, however, created solid support at $199.1. The strong support formed the basis of a sharp SOL/USD price surge. The coin went up, forming several flag trends to the intraday highs of $215, where it faced resistance. The sellers’ resistance made the price drop by a few dollars; however, the bulls drove the prices upward again.
The Bollinger Bands on the 5-day EOS price analysis chart are relatively narrow, implying minimal fluctuation in the cryptocurrency. Since the upper band of Bollinger EOS/USD is close to being crossed, the currency is displaying a minor bullish trend.
Most of the digital assets have had a bad week as most coins have recorded huge price dips.
Bitcoin managed to trade a few dollars above $50K; however, this surge was followed by a severe price drop. The giant asset is now trading at $46.02K. ETH is trading positively despite falling from $3.9K to $3.4. Solan trades in a very positive momentum recording more than 20 percent gains in the last 24 hours.
Solana price movement in the last 24 hours: SOL/USD bull run
In the last 24 hours, SOL/USD has been trading in a positive trend. The Bollinger bands are wide on the 24 hours price chart, indicating that several activities are going on. On the four-hour price analysis chart, the SOL/USD is trading in the range of $187-$215.
Solana is ranked number 6 in the overall cryptocurrency market, with a market capitalization of $61.1 billion. In addition, it has a market dominance of 2.92 percent.
SOL/USD 4- hour price analysis chart:
The number of red and green bars on the four price analysis chart is almost the same, meaning the sellers and buyers have almost the same strength. The BoP indicator is at the middle point meaning the bears and the bulls have almost equal strengths.
The MACD line has crossed below the red signal line, suggesting that the market might soon trend negatively. The bulls are trying to push the MACD line over the red signal line.
Solana price analysis: Conclusion
Most of the technical indicators are in favor of the bull trend. After attaining the 200 targets, Solana is expected to continue surging. SOL/USD now aims to hit $250 during the week. In the next 24 hours, it is expected to be trading above $220.
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