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Solana price analysis: SOL market almost breaks at $103

SOL

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest resistance is present at $105.
  • Solana trading price is $103 as of now

The Solana price analysis shows massive bullish momentum. The bulls have taken over the SOL market by storm, which has changed the course of the market for the better, and SOL now expects a massive positive. However, the bulls seem to have steady control and will rule for a long time. The SOL price has experienced a spike in its prices from $97 to $105 and has remained around that threshold.

The market shows the price of Solana’s steady movement at the $104 mark. Solana continues a slight positive movement. SOL currently trades at $103; SOL has been up 8.35% in the last 24 hours with a trading volume of $3,816,900,399 and a live market cap of $33,301,741,045. SOL currently ranks at #8 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

The Solana price analysis illustrates that the present condition of the market demonstrates bullish potential as the price moves upwards. Moreover, the market’s volatility follows a significant opening movement, resulting in the cryptocurrency being more prone to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $106, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $83, serving as a support point for SOL.

The SOL/USD price travels over the Moving Average curve, indicating the market following a bullish movement. However, as the market experiences opening volatility today, the Solana price is open to new possibilities. In addition, the SOL/USD price seems to move towards the resistance band attempting to break it, signifying a possible reversal movement, which could hinder the bullish possibilities.

Solana price analysis: SOL market almost breaks at $103 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 67 making the cryptocurrency overvalued, falling in the inflation region. Furthermore, the RSI score moves slightly upwards, indicating the buying activity exceeding the selling activity while moving towards complete inflation.

Solana price analysis for 24-hours: SOL market closes

The Solana price analysis has experienced a bullish movement in the last few days. Moreover, as the volatility closes, it makes the value of the cryptocurrency less volatile to change. As a result, the upper limit of the Bollinger’s band rests at $105, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $81, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are closing in, potentially breaking the market, resulting in a volatility explosion and a reversal trend. However, this could be the less likely scenario.

Solana price analysis: SOL market almost breaks at $103 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 54, showing the cryptocurrency’s stability. It falls in the upper-neutral region. However, the RSI score follows an increasing movement signifying an expanding market and gestures towards stable dynamics. The rising RSI score indicates selling activity inferior to buying activity.

Solana Price Analysis Conclusion

The Solana price analysis shows bullish momentum with additional room for bullish activities. If it breaks, the market might soon be reversed, which doesn’t seem very likely. The bulls have made plans for Solana, and as the odds stack in their favor, they engulf the market entirely.

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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