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Solana price analysis: SOL/USD set to break past the $120 resistance by midnight

Solana price analysis

TL;DR Breakdown

  • The Solana price analysis is bullish today.
  • SOL/USD pair is currently trading at $117.
  • Support for SOL/USD is found at $100.

The most recent Solana price analysis reveals a significant upswing, with the price rising substantially in the last 24 hours. Due to the uptrend, the price has risen to $116.2, resulting in a substantial boost. Despite yesterday’s drop, today’s trend is now favored towards buyers because the bulls fiercely defend their position.

SOL/USD price movement in the last 24 hours: Bulls take control of the market?

The current movement of Solana is an increase, and the trend is expected to continue as long as the price stays between $100 and $120. The bulls are strongly defending their position at $100, which sets up a key support level that should be retested. If they manage to hold this ground, we can expect a further boost in prices, which will signify a strong buy signal. On the other hand, if today’s support breaks down under pressure from bears, then the next best support comes in at $90.

Solana market data shows that the SOL/USD pair is currently trading at $117, up significantly since yesterday’s price analysis. As seen above, there has been an increase in volatility, likely resulting in sudden price movements. Following the bullish trend, it was noted that bulls were defending their position strongly at $100 (which sets up support for today). The next key support level comes in at $90. Additionally, we can expect to see further upward movement as long as prices stay between $100 and $120.

Solana price analysis: SOL/USD set to break past the $120 resistance by midnight 1
SOL/USD 1-day price chart. Source: TradingView

The most recent market information shows that the cryptocurrency is currently trading around $116 with more than 36 billion. The 24h volume has been recorded at a value of more than 3 billion, which means there is a significant interest in this cryptocurrency. However, despite Solana’s user base rising recently, the cryptocurrency is still struggling to beat its all-time high.

On the upside, if there is a break-up with resistance at around $120, the cryptocurrency will be propelled to greater heights. The price is likely to test the $130 mark in due course of time.

On the downside, if there is a break-down with support at around $100, Solana’s value will decline to around $100. However, if this level is breached, the next significant support is found at 79.6% Fibonacci retracement level.

SO/USD 4-hour price analysis: Recent developments

The MACD shows an upward trend, with the blue MACD line crossing slightly below zero, which shows a strong bullish momentum. The histogram is also rising, indicating that buyers control price movements.

Solana price analysis: SOL/USD set to break past the $120 resistance by midnight 2
SOL/USD 4-hours price chart. Source: TradingView

The DMI shows both bulls (44.81%), and bears (55.19%) are fiercely defending their positions recommended being much more cautious about entering into any new trades today after yesterday’s market analysis. Today’s strong upward trend for Solana may not continue in the hours ahead as there are significant resistance levels above it at $118 and $120.

Solana price analysis: Conclusion

SOL/USD buyers have managed to push back sellers’ attempts yesterday evening through unexpectedly higher volumes. We now wait to see whether uninterrupted buying pressure can overcome sellers’ efforts and push prices towards $120.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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