- Solana price analysis is bullish for today.
- SOL/USD continued to respect $150 support.
- Solana is likely to move higher before the daily chart closes.
Solana price analysis: General price overview
Solana opened the daily rice analysis chart in bullish momentum. Buyers outnumbered the sellers in the market causing the prices to rise in an upward momentum forming several bullish trends to the intraday at $159. The sellers had consolidated their strength causing a firm resistance at the intrada highs. This resistance caused the price of the SOL/USD pair to begin a downfall. The price dropped in a falling wedge to the intraday lows of $152.
Cryptocurrency heat map. Source: Coin360
The overall market traded in the green over the last 24 hours, with the market leader, Bitcoin, up by 1.6 percent. Ethereum is up by 5.2 percent, while Binance Coin (BNB) is among the best performers, gaining 8.24 percent.
Solana price movement in the last 24 hours: Tight range
SOL/USD traded in a tight range of $152 – $159, indicating a less volatile market over the last 24 hours. Solana trading volumes have dropped by more than 40 percent from yesterday. The total trading volumes add to $3.4 billion while the total market cap is $46 billion ranking Solana number 7 in the overall market.
SOL/USD 4-hour chart: SOL ready to rally again?
On the 4-hour chart, we can see the Solana price is bearish as bulls prepare for a push higher.
Solana price action has been characterized by a series of bearish price movements in recent weeks. Bulls became exhausted after rallying to the $215 level on September 9th, and a retracement ensued over the following week.
Overall, the 4-hour Solana price analysis issues a strong buy signal with 17 of the 26 major technical indicators suggesting an upwards movement across the timeframe. On the other hand, only one indicator is issuing a sell signal suggesting a low bearish presence at the current price level. At the same time, 10 of the indicators remain neutral and do not issue any signals at the time of writing.
On the hourly chart, we can see that the Solana price is resisting further depreciation. Bulls anticipate starting an upward momentum that will result in the price surpassing the intraday high of $420. It’s probable that if the currency passes this resistance, it will stop at $450.
A quick spike lower was seen overnight, with bulls immediately increasing their pressure, resulting in a move back above the $150 support. Since then, SOL/USD has consolidated around $160 as bulls prepare for the next leg higher.
Solana Price Analysis: Conclusion
On the hourly chart, we can see that the Solan price is resisting further depreciation. Bulls anticipate starting an upward momentum that will result in the price surpassing the intraday high of $159.
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