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Solana price analysis: SOL/USD turns bullish as $95 barrier restricts buying spree

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TL;DR Breakdown

  • Solana price analysis is bullish
  • Solana prices have seen firm support at the $89.4 level
  • SOL prices have faced resistance at the $99.0 level
Solana price analysis: SOL/USD turns bullish as $95 barrier restricts buying spree 1
Source: Coin360

Solana price analysis shows that SOL prices have been on a tear in recent weeks, rising by over 50% since mid-March. The altcoin has seen some strong buying pressure as of late and looks poised to continue its upward momentum in the medium term. Solana prices have been hovering around the $89.4 level for the past few days and have found some strong support at this level, setting the pair SOL/USD trading at $89.52 at the moment of writing.

The price of SOL has seen some strong buying pressure as of late and looks poised to continue its upward momentum in the medium term. The market volatility has seen prices fluctuate between $89.4 and $99.0 in recent days but the altcoin looks likely to continue its upward trend in the coming days. Traders should keep an eye on the $99.0 resistance level as a breakout above this level could see prices move higher in the near term.

Solana price analysis shows trading volume has been on the rise in recent days as the altcoin benefits from some strong buying pressure. The total market capitalization of the altcoin is currently $13.4 billion and it remains ranking position 9 in the entire market cap.

Solana price action in the last 24 hours: SOL/USD prices SOL/USD market closes bullish

Solana price analysis on a 1-day price chart shows that the prices have been trading in a range between $89.40 and $99.00 over the past 24 hours. The market volatility has seen prices fluctuate between these levels with the Bollinger bands are squeezing, which typically indicates a breakout. The Relative Strength Index is indicating oversold conditions and the MACD is in bullish territory, suggesting that the bulls are in control of the market momentum.

Solana price analysis: SOL/USD turns bullish as $95 barrier restricts buying spree 2
SOL/USD 1-day price chart, source: TradingView

The prices have been hovering around the $89.40 level for the past few hours and have found some strong support at this level. As per Solana price analysis, a breakout above the $99.00 resistance level could see prices move higher in the near term with the next target being the $109.00 level. On the other hand, a move below the $89.40 support level could see prices retrace back towards the $79.00 level.

Solana price analysis on a 4-hour price chart: Bulls have won the race after a short-term price battle

Solana’s price analysis on a 4-hour time frame shows that the prices have been in a short-term price battle between the $89.40 and $99.00 levels. The bulls have won the race after managing to push the prices past the $89.60 short-term resistance level.

The prices have been trading in a range between these levels over the past few hours with the Bollinger bands are squeezing, which typically indicates a breakout. The moving average (MA) crossover is indicating a bullish bias in the market as the 50-MA has moved above the 200-MA.

Solana price analysis: SOL/USD turns bullish as $95 barrier restricts buying spree 3
SOL/USD 4-hour price chart, source: TradingView

The RSI indicator is currently at 57 and pointing upwards, which suggests that there is still some room for the bulls to push prices higher in the near term. The Parabolic SAR indicator is currently above the prices, which suggests that the market is in a bullish trend. The bulls will be required to put more pressure on the market to push prices past the $99.00 resistance level. On the other hand, a move below the $89.40 support level could see prices retrace back towards the $79.00 level in the near term.

Solana price analysis conclusion

Solana price analysis is bullish in the medium term as the altcoin looks poised to continue its upward momentum. Solana prices have seen a prolonged price battle during the day as the bulls and bear battle for control of the market. However, the bears may join the party soon as the prices are currently around the $89.40 support level which may face a fallback if the bulls do not manage to hold the prices.

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.

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joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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