Solana Price analysis: SOL/USD set to break above the $190 resistance soon

Solana price analysis

TL: DR Breakdown

  • Solana price analysis suggests upwards movement
  • The closest support level lies at $180.00
  • SOL is cuurrently at $175.

According to the Solana price analysis, the bulls finally broke through the $180.00 support barrier. Traders are bullish on the asset because they anticipate a return to $200.00, Solana’s all-time high. Previous support levels provided ample buying opportunities for bulls to make a profitable trade.

The Stochastic RSI has managed to settle above the 50 thresholds, suggesting bullish momentum is in play. The asset may experience resistance at $190.00, but if it manages to breach that level, then traders should expect $200 very soon. Traders should be careful about considering any short-term bearish trades as long as price action remains above the $180 mark.

The cryptocurrency market as a whole had a mixed mood over the previous 24 hours, with most major currencies seeing both positive and negative price changes. PIRATE and NYC have seen gains of 9.39 percent and 29.16 percent, respectively while maintaining their ranks as rank 1 and 2 in terms of revenue amassed from initial coin offerings (ICO).

The MACD is now bullish, as reflected by the green color of the histogram. However, because the histogram’s height is low, the indicator indicates little buying momentum. Furthermore, across short-term charts where SOL returned to the $185.00 price level, there was a decline in buying momentum indicated by the lighter hue of the indicator.

The EMAs are presently trading at a premium, with SOL recording net bullish activity over the last several days as the price increased from $150 to current levels of $185. Both moves on the x-axis suggest low bullish dominance, and the price action is floundering to break above the $190 barrier.

The RSI is neutral and trades at a premium, indicating modest bullish dominance over the price movement. The index hovers around 59.93 index units as SOLoscillates between the $180 and $190 mark. However, because the indicator remains neutral, there is still potential for large gains before the asset needs to correct its trend.

The Bollinger Bands have tightened in recent days as the price action approaches $180.00, with the bands becoming narrower and more convergent as a result. The price’s movement inside a consolidation channel over the last 12 hours has shown that it has been trading within a consolidation channel with reduced volatility. While the upper limit of the Bollinger Bangers presents resistance at $188.32, the mean line offers support for buyers at $180.40 at this time.

What to expect from the Solana price analysis?

Solana Price analysis: SOL/USD set to break above the $190 resistance soon 1
4-hour price chart by Tradingview

The Solana price analysis shows that after struggling around the $175.00 mark, the bulls could successfully break above the $180.00 mark. While the buyers find short-term resistance at the $190.00 mark, the rising bullish momentum maintains a positive outlook for the price action. 

Traders may anticipate that the Solana price analysis will continue to rise, reaching a high of $190.00 as the bulls take control of the SOL price movement. The following resistance level is $190.00, followed by yet higher prices. Before any major fall, the RSI and MACD indicators need to show a sell signal.

Solana Price analysis: Conclusion

The Solana price analysis is bullish; the bulls take total SOL price action control. Traders can anticipate that upwards momentum will be maintained for some time to come, allowing the price action to breach $190 and set a new all-time high.

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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