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Solana price analysis: SOL ascends towards $104

SOL

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • Strong resistance present at $120.
  • Solana trading price is $101.

The Solana price analysis is bearish today as we expect a reversal from the market towards a positive movement. Bears are trying hard to maintain their control on the market; however, as bulls gain tremendous momentum, it puts the bearish regime at significant risk. On the other hand, the bears have grown tired and cannot maintain their control, and they no longer prove to be an obstacle in the bulls’ path. Therefore, we look at the market with a whole new perspective full of bullish opportunities.

The SOL/USD price has significantly increased today; on February 15, 2022, the price rose from $96 to $103 while maintaining this momentum as it continues to grow in value. Solana has been up 10.06% in the last 24 hours, with a daily trading volume of $2,275,904,749. It currently ranks at #8 with a live market cap of $32,557,363,692 and a circulating supply of 319,054,378 SOL coins.

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 almost 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 $102, serving as a point of support for SOL. Conversely, the lower limit of the Bollinger’s band is present at $90, 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 has opened its volatility in the past few days, however, with the bulls coming in more vigorously than ever. As a result, the Solana price has the potential to move to either extreme. In addition, the SOL/USD price seems to move towards the upper limit of the Bollinger’s band, signifying a possible breakout in the market, which could hinder the positive potential of the market. Still, it is less likely as the resistance moves upwards with the price.

Solana price analysis: SOL ascends towards $104 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 55 making the cryptocurrency stable, falling in the upper neutral region. Furthermore, the RSI score appears to decrease slightly, indicating the selling activity slightly overpowering the buying activity.

Solana price analysis for 24-hours: Massive bullish potential

The Solana price analysis had maintained a bearish movement in the last few days. However, the bulls that have come to save the cryptocurrency are trying to engulf the entire market. With the market in a squeeze, 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 $120, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $85, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing under the Moving Average curve, pointing towards bearish momentum. However, the price can be traced following an upwards movement, indicating massive bullish opportunities; the bulls will engulf the market in the next few hours and raise the price for Solana.

Solana price analysis: SOL ascends towards $104 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 43, 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

The Solana price analysis remains bearish as the market shows massive potential for bullish activity. However, as the volatility remains dormant, the bulls gain a substantial opportunity for a revival, which could be considered a turning point in the Solana price analysis.

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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