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Solana price analysis: Upswing carries SOL price above $98 threshold

Solana price analysis Upswing carries SOL price above threshold

TL;DR Breakdown

  • The Solana price analysis is bullish today.
  • The resistance for SOL is present at $99.4.
  • Support for SOL/USD is found at $94.1.

The Solana price analysis has turned bullish today as bulls have been able to overpower the bearish momentum as an increase in price has been recorded. The downtrend has been getting stronger for the past few days, but today the downgoing price managed to escape the bearish pressure. The price is now at the $98.4 level, and it is expected that it will soon move on to higher levels in the upcoming hours. However, the next resistance for the SOL price function is present at $99.4.

SOL/USD 1-day price chart: Price bounces back to $98 as an increasing trend follows

The one-day Solana price analysis is confirming an upward trend for the day as an increase in price has been reported today. The price has constantly been turning to lower points since the past two days, as the bears have been trending. Today, the trends have changed, and a significant rise in price was observed as the price moved on to $98.4 height. This is a highly encouraging sign for the buyers as the coin got support, and the downtrend came to a halt.

Solana price analysis: Upswing carries SOL price above $98 threshold 1
SOL/USD 1-day price chart. Source: TradingView

The moving average (MA) value is present at $109.7, far above the price level. A crossover occurred between SMA 20 and SMA 50 curves in the past week as well, which is a major bullish hint. The volatility is high despite the convergence of the Bollinger bands. The upper value of the Bollinger bands indicator is at $121, whereas their lower value is at $84.The Relative Strength Index (RSI) score is now touching the 38 mark.

Solana price analysis: Recent developments and further technical indications

The 4-hour price chart for Solana price analysis shows the price rallied high after getting support in the last four hours after undergoing a considerable amount of decline earlier today. Although the bears were at lead earlier, the last four hours have seen a huge improvement in SOL value. The price has stepped up to the $98.4 level after the bulls took control over the market. The price is still standing below the moving average value, which is present at $98.7.

Solana price analysis: Upswing carries SOL price above $98 threshold 2
SOL/USD 4-hours price chart. Source: TradingView

The volatility has increased, which means that the price might undergo further recovery soon. The Bollinger bands average has increased to $105, where their upper value is at $119, and the lower value is at $91. The uptrend in price has increased the RSI score to index 38 after covering a steep upwards range.

Solana price analysis conclusion

The Solana price analysis suggests the past two have proved highly damaging for the cryptocurrency as the price function was following bearish movements. But today, the circumstances changes and support appeared for SOL, and as a result, the price has increased up to $98.4 in the last four hours as well as the bullish momentum has been strengthening. The four hours price chart also confirms the recent bulls rally, and on the other side, the next resistance is present at $99.4, where SOL/USD may correct again in the coming 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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