- SOL/USD is currently trading at $93.
- Solana price analysis is bullish today.
- Resistance is found at $100.
The day started with Solana spiking down by 6% at one point, although it managed to reach values above $95 again afterward. At the time of writing, the coin has been trading around $98 for more than 5 hours. This means that Solana is currently seeing a recovery of sorts after having dropped down from its previous high of $100 at one point, although it is still struggling to come back up and continue climbing as the market starts picking up steam.
We have witnessed a strong bearish trend in the past 5 days. The coin’s value has dropped, with a significant bullish correction occurring only today. To stay afloat and attempt another climb towards the $100 mark, Solana needs to start bulling along with the rest of the market; otherwise, its price will continue to slump as well.
SOL/USD price movement in the last 24 hours: SOL/USD pair under high volatility?
We have witnessed a solid bullish correction today to achieve an equilibrium between buyers and sellers in the market. Solana has been trading at around $92 point for more than 6 hours now, which means it managed to break out from its previous high before dropping again. This could mean that it’s struggling to start climbing up once despite having broken out from its previous high. The current support for this coin is fixed at $88 point, which might be enough to stop the coin from plummeting any further and start climbing up again, but we cannot know that yet.
The Bollinger bands are tightening up in the market, indicating a bullish trend with high volatility. However, there is no way to tell whether it’ll start climbing up once again or drop even further instead in the future.
Solana price analysis shows a strong bullish trend in the next few days or weeks, as long as it manages to climb back up after today’s attempted breakout failed and it started dropping again. This will be possible if Bitcoin becomes stable and starts climbing up along with other coins in the market, such as Solana.
SOL/USD 4-hour price analysis: Technicals are bullish for SOL/USD
On the 4-hour charts, we can see that the price of Solana is moving in a downward trend, and an uptrend has hit resistance at $100. An uptrend should soon follow to test this resistance, but another resistance level will likely bind it before reaching $95.
The MACD he MACD indicator, the difference between the 26-day exponential moving average and 12-day EMA represents a bearish signal. If it drops below zero, there are more sellers than buyers in the market – because bulls are stronger than bears.
The Stochastic Oscillator predicts that bearish pressure will continue dominating the market but made a short-term prediction that Solana will have another chance to recover after it starts trending sideways.
Solana Price Analysis: Conclusion
SOL/USD could be an interesting buy opportunity for the medium term. This will only happen if the $94 point manages to hold, which will also determine the possibility of another breakout in favor of bulls before reaching $100.
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