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Solana price analysis: SOL continues upside, prepares to break higher

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis shows bullish trend
  • SOL prices have established a strong a support at $98.82
  • Solana prices are currently trading at $102.88
Solana price analysis: SOL continues upside, prepares to break higher 1
Cryptocurrencies prices heatmap, source: Coin360

The Solana prices opened today’s daily market with a bit of a sideways trend. However, the prices have seen some upward momentum over the past few hours, with the current price at $102.88, an increase of 2.6 percent. The prices have been following an ascending support line since the start of the month and are currently preparing to break out from a descending resistance line. The bullish side of the market has finally taken control and it looks like the prices are about to start a continued upward trend.

The Solana price analysis reveals that SOL prices have been moving between a close range of $98.82 and $102.88 for the most part of the day. The prices have however broken out from this range and are currently trading at $102.88.The prices are expected to continue moving upwards as the bulls take control of the market. The next target for the bulls would be to break out from the descending resistance line and move towards the $105 mark. The trading volume has increased as well over the past few hours, which is a sign that the market is beginning to see some bullish momentum.

Solana price analysis on a 1-day price chart: SOL/USD prices breaks previous resistance of $102

The 1-day Solana price chart shows us that the prices have been following a descending resistance line since the beginning of the month. T The buying pressure has been on rising as the market sees some bullish momentum. The Solana prices have seen a lot of volatility over the past few days, however, the prices have finally started to show some upward momentum. The Bollinger bands are currently in a state of expansion, which is a sign that the market is seeing some increased volatility.

Solana price analysis: SOL continues upside, prepares to break higher 2
SOL/USD 1-day price chart, source: TradingView

The RSI indicator is currently at 54%, which is a sign that the market is neither overbought nor oversold at the moment. The MACD indicator is currently in the bullish territory, however, it is close to making a bearish crossover. The moving averages (MA) are currently in a bullish crossover, which is a sign that the market is seeing some upward momentum. The 50-day EMA is currently at $99.21, while the 200-day EMA is currently at $93.15, which is a sign that the prices are expected to continue moving upwards in the near future.

The Solana price analysis on the 4-hour chart: Recent developments and further technical indications

The 4-hour Solana price chart shows us that the prices have been following an ascending support line since the start of the month. The SOL/USD pair is currently trading at $102.88, after breaking out from a descending resistance line. The next target for the bulls would be to break out from the descending resistance line and move towards the $105 mark. The RSI indicator is currently at 58%, which is a sign that the market is neither overbought nor oversold at the moment.

Solana price analysis: SOL continues upside, prepares to break higher 3
SOL/USD 4-hour price chart, source: TradingView

The MACD indicator is currently in the bullish territory, however, it is close to making a bearish crossover. The moving averages (MA) are currently in a bullish crossover, which is a sign that the market is seeing some upward momentum. The 50-day EMA is currently at $99.37, while the 200-day EMA is currently at $93.15, which is a sign that the prices are expected to continue moving upwards in the near future.

Solana price analysis conclusion

The Solana prices have been following a sideways trend for the most part of the day, however, the prices have seen some upward momentum over the past few hours. The current price is at $102.88 and the next target for the bulls would be to break out from the descending resistance line and move towards the $105 mark. However, if bulls fail to hold the prices above $100, we might see a pullback towards the support levels of $98.82 and $96.78.

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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