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Solana price analysis: Bullish trend escalates SOL prices above $91.44 level

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis shows a bullish trend
  • SOL prices are facing resistance at the $91.56 level
  • Support levels are formed at $89 .9and $90.0
Solana price analysis: Bullish trend escalates SOL prices above $91.44 level 1
Cryptocurrencies prices heatmap, source: Coin360

The Solana price analysis today is in favor of the bulls as the prices are 4.41 percent and currently trading at 91.44. Solana’s price has been trading between a range of $89.69 and $91.9 in the past 24 hours with an increase of 35.60 in the trading volume which currently sits at $1,742,904,368.30.SOL prices established firm support at the $89.69 mark and started to rise gradually, reaching the current resistance level at $91.56. Bulls are expected to break this resistance and push prices further upwards, with the first target being set at $92.50 followed by a potential rally to $95.00. The nearest support levels are located at $90.0 and $89.9.

In short, bullish sentiment is now driving SOL prices upwards, and breaking past the $91.44 resistance level could see a continuation of the current trend. Conversely, if bears manage to push prices below $89.69 then the uptrend could be reversed. Solana’s price movement over the last few days has seen a dynamic change in the market trend with a good trading volume. The market looks pretty good for further price appreciation with strong support at $89.69 and $90.0 levels.

Solana price analysis on a 1-day price chart: Bullish trend looks to break above $91.56 resistance

The Solana price analysis on a 1-day price chart confirms the firm bullish trend in the market as SOL prices have recorded a significant rise over the last 24 hours. The buyers have been consistent as the buying pressure looks to break above the $91.56 resistance level. If successful, a further rally could see prices testing the next target at $92.50. The MACD indicator is gradually moving towards the bullish zone with increasing buying momentum, while the RSI indicator is currently being traded at 60 levels with no major signs of overbought or oversold conditions.

Solana price analysis: Bullish trend escalates SOL prices above $91.44 level 2
SOL/USD 1-day price chart, source: TradingView

The Stochastic indicator is also in favor of the bulls and is expected to reach the overbought region in the next few hours. In conclusion, a bullish breakout looks likely as SOL prices have been consolidating near the $91 resistance level for some time now. A break above this could see a continuation of the current uptrend, while a drop below $89.69 could signal a reversal in the market trend.

Solana price analysis on the 4-hour price chart: SOL prices are facing resistance at the $91.56 level

Looking at the 4-hour chart, we can see that SOL prices have started to show some weakness as they approach the resistance level at $91.56. A break above this level could see prices rally to $92.50, but if bears manage to push prices below the support at $89.69 then the uptrend could be reversed.

Solana price analysis: Bullish trend escalates SOL prices above $91.44 level 3
SOL/USD 4-hour price chart, source: TradingView

The technical indicators on the 4-hour price chart show that the RSI is currently in overbought territory, indicating that a pullback may be imminent. However, the MACD remains in bullish territory and could provide support for prices if they start to decline. The market volatility is seen to be on the rise as prices continue to fluctuate between the support and resistance levels. Prices are expected to continue rising in the near term as bulls attempt to break past the $91.56 resistance level. The upper band of the Bollinger band is providing resistance at the moment while the lower band is providing support.

Solana price analysis conclusion

To conclude, Solana’s price analysis is bullish and has the potential to go up. The immediate resistance level is at $91.56 and the immediate support levels are at $89.9 and $90.0. A break above the resistance level can take prices to $92.50 and a break below the support level can take prices to $87.00. The indicators are indicating that the market is overbought presently and a pullback may be seen soon. The Bollinger bands are indicating that the market is volatile.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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