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Solana Price Analysis: SOL/USD bearish for the next 24 hours

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • Strong resistance present at $122.
  • Solana trading price is $84.

Today, the Solana price analysis is bearish since we observe a strong bullish potential taking the throne from the bears. Bulls are desperately trying to end the bear market on the market, and as bull momentum builds, it puts the bears in an impossible situation. At the same time, while being wary and unable to maintain their grip on the market, Solana bears are unable to keep prices down, thus taking a hit in terms of Solana’s market cap.

As we can see, the Solana price analysis shows a bullish surge today. It is true that the sudden rise of the Solana trading price was unexpected and does not seem to reflect any advanced trading predictions based on previous data. However, as we can observe from earlier analysis done by this website, we predict that bulls might try and put an end to this bear market.

At the time of writing, Solana’s trading price was $84. We can see that bulls are attempting an attack on the $100-dollar resistance which has so far proved unbreachable. If they should succeed, we can expect even higher Solana prices in the future. Even if bulls fail to break above $100, we can expect a bullish trend for the rest of the day.

As we can observe on our Solana price analysis, there is no way that bulls will give up on the market just yet, and as such any minor drops in market cap are likely to be followed by an immediate spike in Solana trading price. At the time of writing, Solana’s trading volume was $6 million out of which bulls were responsible for over 70%. If this trend continues, we can expect the bulls to remain in power until 18:00 GMT.

SOL/USD 4-hour price analysis: Recent developments

The Solana price forecast indicates that the market’s current state appears to have considerable bullish potential, with the price rising. Furthermore, over the previous few hours, the market’s bulls have shown their strength by pushing the price up to $46.97, at which point it has since dropped slightly, with each token now trading for $45.20.

However, with this recent increase in price, there has also been an increase in Solana trading volume over the same period of time with $7 million worth of tokens having been traded.

Solana price analysis: SOL stabilizes at $84 after showing bullish opportunities 1SOL/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) score is 40, implying that the Solana is stable and in the middle neutral zone, according to the Solana price analysis. Furthermore, the RSI score remains dormant, suggesting that buying activity balances selling activity as it approaches stability.

Solana price analysis for 24-hours: SOL gains volatility

In the past few days, the Solana value analysis had maintained a bearish trend. The bears win a significant opportunity to maintain their position and develop long-term strategies while the market is squeezing, lowering the cryptocurrency’s volatility to change. As a result, the upper limit of the Bollinger’s band rests at $122, acting as SOL’s strong resistance.

Solana price analysis: SOL stabilizes at $84 after showing bullish opportunities 2

SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) reading is 35, suggesting a downward slide in value. It falls within the neutral range. The RSI score, on the other hand, rises slightly before falling back into the undervalued region. Firm buying activity is represented by an increased RSI score, which outweighs selling activity.

Solana Price Analysis: Conclusion

Solana price analysis suggests a bullish market trend today, but it must be stated that the rest of the day will see a high level of volatility. The bears may attempt another price drop, while bulls may finally succeed in breaking $100, resulting in an enormous increase in market capitalization.

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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