Solana Price Analysis: SOL/USD set to break above $170

Vechain Price Analysis

TL;DR Breakdown

  • Solana price analysis is bullish today,
  • The closest support level lies at $155
  • SOL faces resistance at the $165 mark

The Solana price analysis indicates that, following a fall to $150.00, buyers could locate a solid support level where they could start a recovery. SOL has recovered above its previous high of $158.00 and is currently facing resistance at $160.00 as selling pressure in the market continues to outweigh the asset’s price movement. The next resistance level is at $165.00; should it be breached, the asset could reach a high of $170.00. The support level currently lies at $155.00, and a fall below this could see SOL revisit the $150 price point.

The Solana price is currently close to the mean level, following a low net movement over the previous few days. The current 26-EMA appears to be trading sideways, suggesting little activity, but the 12-EMA is rising to meet it. The two EMAs are closing in on one another, and a return to $160 would indicate a bullish turnover.

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

SOL/USDT four-hour price analysis chart: Bullish signals

The Solana price analysis has recorded a drop to $150.00, and buyers could push the price up above $155.00. However, selling pressure is still evident in the market and, should this trading volume remain high throughout the day, more downwards movement could be seen. On the other hand, upward movement is likely if buying pressure outweighs selling pressure, as shown by the current market statistics.

The closest support level lies at $155.00; a break below this could see SOL revisit $150.00 as there are no significant support levels beyond this point on the 30-minute chart. The resistance currently lies at $160.00. A breakout above $160 could send SOL towards its next resistance level of $165.00. It will face strong resistance from Fibonacci retracement and horizontal resistance at $170.00.

Solana Price Analysis: SOL/USD set to break above $170 1
4-hour price chart by Tradingview

The Solana price analysis indicates that while the buyers appear to have regained control of the market, selling pressure weighs on the price. The bulls are now attempting to establish a rally and return to $165.00, but they are facing significant resistance from sellers at $160.

According to present norms, the Solana price is anticipated to rise towards $170.00 as the market experiences a turnover of momentum from the bears to the bulls. While the mid-term technical assessments back the bears because the mid-term technicals have not reacted yet to recent SOL movements.

Solana Price Analysis: Conclusion

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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