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Solana price analysis: SOL breaks above $170 as bulls get support

Solana price analysis SOL breaks above as bulls get support

TL;DR Breakdown

  • The Solana price analysis is bullish today.
  • The resistance for SOL is present at $178.
  • Support for SOL/USD is found at $172.

The Solana price analysis is bullish today as the coin’s price function is headed upwards, and we expect more upside to follow after a break above $175. Soon SOL will be retesting $176.6 resistance after covering the range from $169.9 to $175.1. Market pressure will appear at this level, and bulls will need a little more push for a breakthrough; even some correction is also not out of the question. If SOL succeeds in breaking above $176.6, bulls will start their march towards the $178 target.

SOL/USD 1-day price chart: SOL bulls found support at $169.9

The 1-day price chart for Solana price analysis shows the price continues to heighten as bullish momentum continues throughout the day with a few bearish intervals as well. As a result, the SOL/USD price has increased to $175.1 at the time of writing, despite, today again, the price breakout was downwards, but bulls out ruled the bearish pressure. SOL has gained a value of 0.48 percent over the last 24 hours, but SOL also reports a loss of more than five percent over the past week, as the last three days were strongly bearish. The trading volume has decreased by 20.73 percent, and the market cap has decreased by 0.10 percent, resulting in a market dominance of 2.43 percent.

Solana price analysis: SOL breaks above $170 as bulls get support 1
SOL/USD 1-day price chart. Source: TradingView

The volatility is high, as the Bollinger bands Indicator is maintaining its expansion, the upper limit is at $199, and the lower limit is at $157, representing the strongest support for SOL. The Relative Strength Index (RSI) score has also been elevated up to index 43 after a steep decline, hinting at the buying activity.

Solana price analysis: Recent developments and further technical indications

The 4-hour price cart for Solana price analysis shows bulls have ruled the chart for 12 hours today while giving the lead to bears for eight hours divided over two intervals of four hours each. Bulls showed comparatively good progress, and the overall trend has been upwards for today, and the same trend has been observed in the last four hours as well, as the price has touched $175 now.

Solana price analysis: SOL breaks above $170 as bulls get support 2
SOL/USD 4-hours price chart. Source: TradingView

The volatility increased on the 4-hour chart because of the bearish trend previously, as a result, the Bollinger bands are covering more area. The upper Bollinger band is present at $201, the lower Bollinger band is at $162, representing support, while the average line of the indicator is being marked at $2181, representing resistance for SOL/USD. The RSI score has been rising again after stepping into the undersold limit yesterday, as mostly bulls have been in the lead today; the RSI has improved up to index 38.

Solana price analysis: Conclusion

The Solana price analysis is predicting that SOL has finally found support after a bearish slide that lasted for three days. The price has increased up to $175 after the bullish efforts carried out today. We expect SOL to test further upside marking a lower high above $175 later today as bulls march towards $178.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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