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Solana price analysis: SOL breaks resistance at $97.5

SOL

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest support is present at $86.7.
  • Solana trading price is $97.5 as of now

The Solana price analysis shows bullish momentum with strong bearish opportunities. The bulls rule the SOL market, which has changed the market’s dynamic, and SOL now expects a reversal in the coming days as the market resistance has once again been broken. On the other hand, the bears appear to show firm footing and might engulf the market soon. As a result, the SOL price has experienced a significant increase from $93 to $97 and has remained around that threshold.

SOL currently trades at $97; SOL has been up 7.17% in the last 24 hours with a trading volume of $2,622,603,386 and a live market cap of $31,523,624,216. SOL currently ranks at #9 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 bearish potential as the price breaks the resistance and a reversal is imminent. Moreover, the market’s volatility follows an 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 $97.2, serving as a support point for SOL. Conversely, the lower limit of the Bollinger’s band is present at $86.7, serving as another 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 increasing volatility today. In addition, the SOL/USD price seems to have broken the resistance and is still showing growing characteristics, signifying a possible reversal movement, which could prove to be fatal for bulls; the bears might take advantage and engulf the whole market.

Solana price analysis: SOL breaks resistance at $97.5 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 66 making the cryptocurrency slightly inflated, falling in the upper neutral region. Furthermore, the RSI score moves upwards, indicating the buying activity overweighing the selling activity while moving towards further inflation.

Solana price analysis for 24-hours: SOL enters a squeeze

The Solana price analysis has maintained a bullish movement in the last few days. Moreover, as the volatility remains dormant, it makes the value of the cryptocurrency consistent with volatile change. However, the market is broken, so the market has become more unpredictable. As a result, the upper limit of the Bollinger’s band rests at $96, serving as a support point for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $76, serving as another support point for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. On the other hand, the market increases as the price favor a positive approach, even after crossing the resistance.

Solana price analysis: SOL breaks resistance at $97.5 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 59, showing the cryptocurrency’s stable value. It falls in the upper neutral region. Furthermore, the RSI score follows an increasing movement signifying a growing market and gesture toward regular dynamics. The rising RSI score indicates buying activity superior to selling activity.

Solana Price Analysis Conclusion

The Solana price analysis shows bullish momentum with strong possibilities of a reversal movement. Since the cryptocurrency price has already broken the resistance, all that’s left to see is how the market will go now. The most likely scenario indicates a downward movement. However, there is also a possibility that the bulls will use their remaining strength to keep the price at a certain threshold, after which they will return to power.

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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