- Solana price analysis is bearish today.
- Strong resistance present at $122.
- Solana is currently trading at $89.
Solana price analysis daily chart shows SOL/USD is holding above the $80 support level. It will take a strong push to break through this critical threshold and reach our initial target of $100-$120 resistance zone, which is not expected to be an easy task for the bulls. However, once Solana breaks through this upward channel, traders should expect strong volatility and a potential long-term turnaround. The break of this resistance zone would open the doors to new all-time highs and a next purchase opportunity for traders with a high-risk appetite.
SOL/USD price movement in the last 24 hours: Recent developments
The Solana price analysis is bearish today, even though the initial resistance zone of $120 was reached. The strong resistance at $122.00 has made it difficult for traders to seize this level and potentially push the price upward towards new highs. On the other hand, there are currently no indications that will allow us to make any bullish forecasts in the coming days, so we will have to wait and see what happens next on this one.
SOL/USD 1-day price chart source: TradingView
The 1-hour chart above displays that SOL may have reached its bottom around the $77-$78 region. The green line indicates the Bollinger’s Bands, widening due to increasing volatility in the market. This is a sign of a strong bullish trend coming soon. Additionally, the green dots show that SOL has been making lower lows and lower highs which denotes a downward trend, but this has stopped over recent days, implying a potential reversal in price direction. The dotted red line indicates resistance at the $95 level.
The Solana price is trading at $86 after surging up to around $90 over the weekend. The Bollinger’s bands have tightened, as shown by the green line, indicating that volatility will decrease as time progresses. While there was a short-term bearish trend yesterday, it was quickly reversed.
If the bullish momentum continues to dominate within the market, SOL will break past resistance at $100 and reach highs of around $120, but this is not certain since there could be another downward trend.
SOL/USD 4-hour price analysis: SOL gains volatility
The 4-hour chart above shows that SOL is currently experiencing a short-term downtrend. The current price action indicates that the market may experience a minor bearish movement to retest support level around $80. If this support level holds up, it could indicate a temporary bearish signal and signal a potential upward movement later.
SOL has been on an upward trajectory over recent days despite the volatility in the market. However, it will have to surpass resistance at $100 to climb up further. It hit a high of $87 yesterday but fell slightly after reaching that level. It reached another high of $90 earlier today before dropping its current price around yesterday. However, it is still in an overbought state, another indication of a possible upcoming bearish movement.
The 4-hour chart above shows that SOL fluctuates between $80 and $100 regions. Resistance at those levels may keep the price from rising without breaks. The bullish momentum has been dominant recently, as indicated by the widening of the Bollinger’s bands. However, this is expected to change soon, especially since volatility is increasing and will likely result in a downward run.
The 4-hour chart above shows that the Bollinger’s bands, two Smoothed Moving Averages with a 20-period difference in slow stochastic, have tightened considerably. This is a bearish sign since when they tighten like this, SOL has been fluctuating between $80 and $100 over recent days. Resistance at those levels may keep the price from rising without breaks. However, SOL/USD is trading around $94, a significant increase from lows of around $50 in early April after the market dropped by as much as 70%.
Solana Price Analysis: Conclusion
Our short-term forecasts are bearish, but traders should remain vigilant for a move south that will allow them to buy SOL/USD at a discounted price. In addition, once Solana breaks through this important resistance zone of $120.00, we can expect strong volatility and a possible long-term upturn.
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