Solana price analysis: SOL/USD soars high at $149

SOL

TL;DR Breakdown

  • Solana price analysis is bullish.
  • The strongest resistance is present at $185.
  • The strongest support lies at $143.

Solana price analysis is bullish today as we expect the tired bulls to continue putting up a fight. However, the prediction of a reversal turned out to be false as the bulls appear to have returned to the battlefield with newfound strength, and they will likely keep going for the next 48 hours.

As the volatility closes in, the value of Solana becomes less vulnerable to volatile change and starts to maintain the present movement, with the bulls on the reigns. However, the bears won’t miss the slightest opening if they are given and will likely retake the market soon. The bulls’ pressure pushed the price to a high of $149 and is likely to go even higher if the resistance allows it.

SOL/USD 4-hour price analysis: Market shrinks volatility

The latest developments in the Solana price analysis have led us to deduce that the current state of the market appears to have entered a bullish movement with the volatility shrinking gradually, reducing the resistance value. As a result, the upper limit of the Bollinger’s band rests at $152, serving as a strong resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $143, serving as the strongest support for SOL.

The SOL/USD price crosses over the Moving Average curve; this signifies the market following a bullish movement. We can see the market has closed its volatility in the past few days as the market rejected a bearish trend and favored the bulls.

Solana price analysis: SOL/USD soars high at $149 1
SOL/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) score is 56 making the cryptocurrency show no sign of inflation or devaluation; instead, it shows a stable value. The buying activity exceeding the selling activity causes the RSI score to escalate.

Solana Price Analysis for 24-hours: SOL/USD reduces resistance

Solana price analysis has remained bearish for the last few days; as the market enters the bullish domain, it decreases its volatility to maintain the uptrend. With the market volatility on the down-low, the bulls have an excellent chance to engulf the entire market and make moves for a long-term regime. The upper limit of the Bollinger’s band rests at $185, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $127, serving as the most vital support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, pointing towards a bullish momentum, which the bulls will likely preserve for the next few days. The Solana price has gone up 2.95% in the last 24-hours, indicating the dedication of the bulls. The bulls have taken full advantage of the closing volatility. The bulls have relieved the market from the downside pressure and will soon meet the resistance while maintaining a steady bullish movement.

Solana price analysis: SOL/USD soars high at $149 2
SOL/USD 1-day price chart source; TradingView

The Relative Strength Index (RSI) score appears to be 42, showing the cryptocurrency to be stable, neither falling on the inflated side nor the undervalued side. The RSI score seems to easily follow a slight upwards path entering the lower neutral region. The increment in the RSI score indicates more vital buying activity.

Solana Price Analysis Conclusion

Solana price analysis remains bullish as the volatility shrinks, indicating a conserved bullish movement in the next few days. The direction is not likely to change under normal circumstances. The bulls have taken the market elegantly, but as the resistance declines, the bulls will have a hard time getting the price higher. However, since the support is strong and does not show fluctuating signs, further devaluation becomes unlikely.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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