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Solana price analysis: SOL breaks resistance at $106

SOL

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • Strong resistance present at $160.
  • Solana trading price is $106.

The Solana price analysis is bullish today as we expect a further upwards movement in the market. As the bulls are trying hard to maintain their control on the market, they gain tremendous momentum. On the other hand, the bears have grown tired and have been taken out of the picture, and they no longer prove to be an obstacle in the bull’s path. Therefore, we look at the market with a whole new perspective full of bullish activity.

The SOL/USD price has significantly increased today; on February 1, 2022, the price rose from $99 to $106 while maintaining this momentum as it continues to grow in value. Solana has been up 17.42% in the last 24 hours, with a trading volume of $2,381,149,299. It currently ranks at #7 with a live market cap of $33,325,833,638.

SOL/USD 4-hour price analysis: Recent developments

The most recent developments in the Solana price analysis have led us to believe that the current state of the market appears to have entered a bullish movement, with the market entering a breakout after a tightly closed period. Moreover, the market has significantly maintained a bullish trend, tiring out the bears in the past few hours. As a result, the upper limit of the Bollinger’s band rests at $104, serving as a point of support for SOL. Conversely, the lower limit of the Bollinger’s band is present at $87, serving as a support point for SOL.

The SOL/USD price travels over the Moving Average curve; this signifies the market following a bullish movement. So we can see the market had closed its volatility in the past few days, however, with the bulls coming in more vigorously than ever. As a result, the market has started to open. The SOL/USD price seems to move over the upper limit of the Bollinger’s band, signifying a breakout in the market, which could potentially hinder bullish potential. Still, it is less likely as the bulls have tightened their grip on the market and don’t seem keen on letting go quickly.

Solana price analysis: SOL breaks resistance at $106 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 67 making the cryptocurrency fall in the overbought region. Furthermore, the RSI score appears to decrease slightly, indicating intense selling activity and movement towards stability for the cryptocurrency.

Solana price analysis for 24-hours: SOL enters bullish domain

The Solana price analysis had maintained a bearish movement in the last few days. However, the bulls have come to save the cryptocurrency and have engulfed the entire market. With the market volatility decreasing slightly, the bulls gain a substantial possibility to maintain their stance and make plans for a long-term regime, making the value of the cryptocurrency less volatile to change. As a result, the upper limit of the Bollinger’s band rests at $160, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $68, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, pointing towards bullish momentum. Furthermore, the price can be traced following an upwards movement, indicating the efforts of the bulls to raise the price and anchor themselves in a secure position.

Solana price analysis: SOL breaks resistance at $106 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 40, showing the cryptocurrency’s stability. It falls in the lower neutral region. However, the RSI score follows a significant upwards path indicating its exit from the undervalued area and movement towards stability. The increase in the RSI score indicates firm buying activity, outweighing the selling activity.

Solana Price Analysis Conclusion

Solana price analysis remains bullish as the volatility decreases slightly, allowing bulls to preserve their stance. The bulls have taken the market elegantly and will ensure the Solana price remains stable.

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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