Solana price analysis: Bulls recover $160, eye $170 next

TL;DR Breakdown

• Solana price analysis suggests upwards movement to $170
• The closest support level lies at $155
• SOL faces resistance at the $165 mark

The Solana price analysis shows that after falling to the $150.00 mark the buyers were able to find a strong support level to start a recovery. SOL has recovered to above the $158.00 mark but faces resistance at the $160.00 mark as the selling presssure persisting in the market still weighs over the asset’s price action.

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include LEO and WAX recording a 6.76 and a 5.11 percent decline, respectively. 

Solana price analysis: Bulls fight back as $150 support holds

Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low bearish momentum as the height of the histogram remains low at press time. Furthermore, the lighter shade of the indicator suggests a decreasing selling momentum across the short-term charts. 

The EMAs are currently trading close to the mean level as the Solana price observes low net movement across the last few days. Currently, the 26-EMA seems to be moving sideways suggesting low activity while the 12-EMA moves upwards to meet the 26-EMA. The two EMAs are converging and a return to the $160.00 mark would show a bullish turnover. 

The RSI is currently neutral and trades close to the 40.00 index unit level. The indicator hovers at 38.52. index units moving with an upwards slope suggesting bullish pressure increasing at press time. However, the neutral position of the indicator shows that SOL has room for significant movement in either direction across the short-term charts. 

The Bollinger Bands are currently narrow but show divergence as the price makes a return towards the indicator’s mean line at $164.95. The bands’ width suggests increasing volatility across the short-term charts as the upper limit leaves room for movement to the $178.97 mark. Currently, the mean line presents a resistance to the bulls while the bottom line provides support at $150.92.

Technical analysis for SOL/USDT

Overall, the 4-hour Solana price analysis issues a strong sell signal with 14 of the 26 major technical indicators showing support to the bears. On the other hand, only two of the indicators support the bulls suggesting that there is little to no significant buying activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.

The 24-hour Solana price analysis shares this sentiment and shows 12 indicators in favor of further downwards movement against six suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over SOL. At the same time, eight indicators do not support either side of the market. 

What to expect from the Solana price analysis?

The Solana price analysis shows that while the buyers seem to have taken control back of the markets, the selling pressure still weighs on the price. The bulls are currently trying to initiate a rally to recover to $165.00 but face strong resistance from the sellers at $160.00.

Currently, traders should expect the Solana price analysis to move upwards towards the $170.00 mark as the market shows a turnover of momentum from the bears to the bulls. Similarly, while the mid-term technical analyses support the bears it is because the mid-term technicals are yet to react to the recent SOL movements.