Solana price analysis

Solana Price Analysis: SOL/USD is bullish for the next 24 hours

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD set another higher low yesterday.
  • Bullish momentum continued today.

Today’s analysis on Solana shows that the price is in a bullish position, with us anticipating that the $250 barrier will be broken next after an impressive advance overnight. As a result, SOL/USD will most likely establish a firm higher high over the next 24 hours, with the $260 level potentially tested later this week.

Basic technical analysis on Solana shows that the majority of the bullish move this week has been attributed to strong and consistent buying pressure. At press time, SOL/USD is trading at $242 with a 24-hour volume of ใ 17 million and a total market capacity of $2.3 billion. As we can see from the chart above, we have seen the price increase by $25 or 10% over the past three days to reach today’s level. We can also notice that yesterday’s high was lower than previous days, which means that bears have entered the market following a profit-taking. The price fell below our target at $290 but hit another higher low just above $240 before bouncing back again in what could be a short consolidation period.

As a result, we anticipate that a bullish rally will occur today due to high-volume buying pressure, looking for the price to break above the $250 resistance level soon and potentially advance towards our second target at $260.

Solana price movement in the last 24 hours: Solana sets higher low, continues higher

Bullish pressures are high, with consistent buying pressure pushing upwards this week. As a result, our first target is at $250, where bulls are expected to die out after taking profit just underneath key resistance levels. This will be followed by another higher low being established before advancing again towards our second target at $260, where bulls are anticipated to meet some initial selling pressure just under the psychological mark.

The technical structure of the market currently favors the continuation of a bullish rally towards our following targets at $260 and $275. However, given the short-term nature of this advance, we should expect some selling pressure to push prices back down to an equilibrium level before another leg up occurs.

SOL/USD 4-hour chart: SOL ready to break $250?

On the 4-hour chart, we can see the Solana price action trading higher again today as bulls prepare to break the $250 mark.

Solana Price Analysis: SOL/USD is bullish for the next 24 hours 1
SOL/USD 4-hour chart. Source: TradingView

Technical indicators on SOL/USD over the one-hour trading period show us consistent bullish momentum with MACD indicating that the trading pair continues to maintain bullish momentum. The Relative Strength Index (RSI) is just below 70, which means there will be slight resistance at $250, but the buying pressure should overwhelm this level quickly.

Following the breakdown, SOL/USD retested previous highs near $215 as support. The 10th of November was met with rejection for further decline, resulting in a slightly higher low on Friday.

Since then, the Solana price has made a strong recovery. Late yesterday, there was a higher low at $230, with bulls aiming for the $250 mark today.

Solana Price Analysis: Conclusion 

The Solana price analysis is bullish today, as we saw additional upside after a higher low was set yesterday. As a result, we expect SOL/USD to rise above $250 in the next 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.