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Solana Price Analysis: SOL/USD bullish for the remaining part of the year

Chainlink Price Analysis

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 favorable today, with the coin’s price function heading upward and additional upside following a break above $175. After covering the range from $169.9 to $175.1, SOL will retest the $176.6 resistance soon. At this level, market pressure will appear, and bulls will need just a bit of momentum to continue pushing upward. If successful, $178 will be reached in the near term.

Technical indicators are mostly favorable. The Bollinger bands suggest that momentum is almost spent for now, and both RSI and MACD signal upward movement shortly. SOL’s current price, near $175.62, might be a good opportunity to buy into the coin with strength in hand.

The Stochastic RSI oscillator is near 80 with an upward bias, indicating that price action will start to follow the higher ranges of Bollinger bands soon enough. The market pressure increases as buyers are closing in on sellers’ territory, with momentum starting to build up for bulls ahead of a retest of resistance around $176.6 levels. Resistance at $177 may be seen before another increase follows through with momentum traders needed now more than ever to keep pushing the coin towards $179/180 levels then onwards to $188.

Technical indicators are mostly favorable as both RSI and MACD signal upward movement shortly. However, the downward trend line is still intact, and it can cause a sharp decline if broken. The 100-day SMA will provide support around $170 levels. Overall, market health looks good at this point for SOL, with the possibility of an upside break happening soon before the end of today. A breakout in either direction today or tomorrow may lead to price action that could last several days later depending on volatility, so traders should be careful when opening longs or shorts in anticipation of short-term targets being reached.

SOL’s current price, near $175.62, might be a good opportunity to buy into the coin with strength in hand, as the Bollinger bands suggest that momentum is almost spent for now, and both RSI and MACD signal upward movement shortly. If successful on reaching $179/180 levels then onwards still to $188, it will likely mean more gains for SOL/USD probably on the upside towards resistance at $177 first before another increase follows through.

Four-hour SOL/USD price analysis chart: Recent developments and further technical indications

The 4-hour price cart for Solana price analysis depicts bulls as having controlled the chart for 12 hours today, with bears taking control for eight hours split over two time periods of four hours each. Bulls made good progress, and the overall trend has been upward throughout the day, with the price touching $175 now.

Solana Price Analysis: SOL/USD bullish for the remaining part of the year 1
SOL/USD 4-hours price chart. Source: TradingView

The Solana price analysis is favorable today, with the coin’s price function heading upward and additional upside following a break above $175. After covering the range from $169.9 to $175.1, SOL will retest the $176.6 resistance soon.

However, the downward trend line is still intact, and it can cause a sharp decline if broken. The 100-day SMA will provide support around $170 levels. As of now, there are no resistances above $178 on the gain side, but yet another upside push toward this level cannot be ruled out over the next few hours. Overall, market health looks good at this point for SOL, with the possibility of an upside break happening soon before the end of today. A good trade setup with a break above $176.6 is expected soon.

Solana Price Analysis: Conclusion

According to the Solana price analysis after a three-day slide, Solana appears to have found support. After today’s bullish efforts, the price has risen to $175. Later today, we expect SOL to test further upside, establishing a lower high above $175 as bulls push toward $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.
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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