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Solana price analysis: Price rejoins $114.30 high as bullish momentum recharges

Solana price analysis Price rejoins high as bullish momentum recharges

TL;DR Breakdown

  • Coin value stands at $114.30 high.
  • Solana price analysis shows upturn.
  • Support for cryptocurrency ispresent at $73.37.

The latest Solana price analysis predicts a strong bullish trend for the day as more buying activity has been taking place for the past 24-hours. The bullish rally has been continuous for the past week, and today the price overcame $114.30 resistance. As the bullish momentum intensifies, further improvement in SOL/USD market value is expected. The buyers should remain persistent to achieve their next aim.

SOL/USD 1-day price chart: Cryptocurrency value marches past $114.30 as uptrend grows stronger

The daily Solana price analysis leads the cryptocurrency buyers, as the coin value is enhanced during the day. The price underwent a significant improvement as the bulls reigned the market for the past few weeks. Today, a rise in SOL/USD value was detected again as the increasing trend has taken it up to $114.30. Because of the upsweep, the price has crossed its moving average (MA) value, i.e., $114.30.

Solana price analysis: Price rejoins $114.30 high as bullish momentum recharges 1
SOL/USD 1-day price chart. Source: TradingView

A cross-over between SMA 20 and the SMA 50 curve is taking place, which is yet another bullish indication. The volatility is decreasing, which means that a further upturn in price is expected in the upcoming week. The upper Bollinger band value thus is now at $135, whereas the lower Bollinger band value is $76.37. The Relative Strength Index (RSI) score has advanced up to 47.98.

Solana price analysis: Bullish trend gains stability near $114 price level

The four-hour Solana price analysis predicts an upward trend for the cryptocurrency. Although the price experienced an unexpected fall in the preceding hours, currently, the situation is going in support of the buyers. The bullish momentum recovered in the last four hours as the price finally rejoined the $114.56 position. Chances of further revival in coin value seem close. The moving average value in the four-hour SOL/USD price chart stands at $114.64.

Solana price analysis: Price rejoins $114.30 high as bullish momentum recharges 2
SOL/USD 4-hour price chart. Source: TradingView

The Bollinger Bands Indicator is making an average of $114.64, whereas the upper value is now $121.99, and the lower value is $94.87. Lastly, the RSI graph shows a flat curve as the score just balanced itself at 63.47 because of the previous downturn in price. It can be predicted to reach a higher limit in the next few hours.

Solana price analysis: Price rejoins $114.30 high as bullish momentum recharges 3
SOL/USD technical indicators chart. Source: TradingView

The market trends for SOL/USD have constantly been fluctuating for the past few weeks. Both the buyers and sellers strive hard to win the leading position. This is why the technical indicators chart is giving out a neutral indication. A total of 10 indicators sit on the selling point; nine indicators are there on the neutral, whereas seven are present on the buying point.

The moving averages indicator shows a bearish signal because of the decreasing trend. There are nine indicators on the selling side; five are on the buying side, whereas only one is on the neutral side. The Oscillators are giving a neutral hint as well as we can spot eight oscillators on the neutral point, two on buying, and only one indicator on the selling point.

Solana price analysis conclusion

The daily and hourly Solana price analysis is going in favor of the bulls. The buying activity is heightening as a record increase in SOL/USD value has been recorded since the past few weeks. The bulls have managed to surpass the $114.30 level in the past 24-hours.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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