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

Binance Price Analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD is currently trading at $174.
  • The market is currently still pushing higher.

Today’s Solana price analysis is bullish, anticipating additional gains following a break above the $180 resistance. However, because SOL/USD has advanced over 10% in the last 24 hours, the market will most likely peak soon.

The RSI is presently near its overbought threshold, and a modest retreat may be in store. Nonetheless, we believe that SOL/USD will continue to rise throughout the days ahead, possibly reaching new heights.

Solana price analysis previously anticipated a break above the $180 resistance, and this is exactly what occurred. This has since sparked an additional rise in the Solana price analysis.

We anticipate SOL/USD to continue to rise, possibly reaching new heights above $200. Nevertheless, because SOL/USD has advanced over 10% in the last 24 hours, we believe that it will most likely peak soon.

The volatility of the cryptocurrency market can be a blessing and a curse. On the one hand, it allows for large price swings resulting in quick profits. On the other hand, it also leads to high levels of volatility, which can lead to sharp losses if a position is taken at the wrong time.

SOL/USD 4-hour chart: SOL continues higher

The Solana price has been steadily rising over the previous several hours on the 4-hour chart, suggesting that it may rise throughout the day.

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

Following a significant swing high of $244 on December 2, the Solana price has tumbled significantly for most of December. On December 4, when it came close to the $170 level tested, SOL/USD delivered a strong initial push lower.

The following reaction, which climbed to $210, began a consolidation in an increasingly cramped range for the next seven days. Last Friday’s break lower resulted in another fall to $162 today. On Monday, after some consolidation, a third decline occurred, bringing SOL to its present low of $150.

So far, the market has remained confident during the previous few days. On September 10, SOL/USD rose to $174 and is now pushing higher. The market remains in an uptrend, and we expect it to rise even more in the coming days.

However, because the SOL/USD pair has appreciated by more than 10% in the past 24 hours, we expect that the market will soon peak. The RSI is presently overbought, and a brief retracement seems likely. We feel that the price of SOL/USD will continue to climb and achieve new highs in the days ahead.

Solana Price Analysis: Conclusion 

The Solana price is currently $6.80, the lowest level in two weeks. Today’s analysis shows that investors are extremely bearish, with a strong advance raising the previous day’s local high. Later today, SOL/USD will almost certainly attempt to test new heights as buying pressure remains intense.

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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