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Solana price analysis: SOL prices begin to rise after a brief consolidation above the $107 level

Polygon price analysis Price easily surpasses resistance after upsweep

TL;DR Breakdown

  • Solana price analysis shows a bullish trend
  • Solana prices have seen firm support at the $99.27 level
  • SOL prices have faced resistance at the $112.11 level
Solana price analysis: SOL prices begin to rise after a brief consolidation above the $107 level 1
Cryptocurrencies prices heatmap, source: Coin360

The Solana price analysis for today shows that Solana opened the daily trading session with a bullish trend whereby the bulls have taken control after an initial rejection at the $107.00 price level. The market has also seen firm support at the $99.27 price level and currently, SOL prices are trading around the $112.11 price level after a brief consolidation.

The Solana price has seen a strong rally over the past few days as buyers have stepped in to push prices higher. After initially finding support at the $$99.27 level, prices have now begun to rise in a bullish trend. The $112.11 level has been acting as a strong resistance level for Solana prices and the bulls will need to overcome this level to continue the current uptrend. If prices can breakout above the $112.11 level, we could see a move towards the $115.

Solana price movement in the last 24 hours: The Bullish trend appears to be breaking through $112.11 resistance

The Solana price analysis in the last 24 hours confirms that the bullish trend is continuing to push prices higher. After finding support at the $111.2 level, prices have now broken out above the $112.12 resistance and are currently trading at $108.18.

On the downside, support for Solana prices is at the $99.27 level and a break below this level could see prices retrace back towards the $98.0 level. Overall, the Solana price analysis shows that the bulls are in control of the market and a breakout above the $133 resistance could see prices move higher in the short term. The MACD indicator is currently in a bullish trend and is signaling that prices are likely to continue moving higher while RSI is currently trading at 61 which indicates that there is still room for prices to move higher in the short term.

Solana price analysis: SOL prices begin to rise after a brief consolidation above the $107 level 2
SOL/USD 1-day price chart, source: TradingView

SOL market volatility has been seen to be on the rise in recent times as the fear and greed index has increased from 25 to 31 over the past few days. This indicates that investors are becoming more confident in the market and are buying into SOL at current levels. The increase in volatility is also likely to attract more buyers and push prices higher in the short term as evident by the diverging Bollinger bands.

Solana price analysis on the 4-hour price chart:SOL prices likely to break higher 

The 4-hour chart for SOL demonstrates that the token is in a rising trend. However, prices have faced resistance at the $99.27 level and a breakout above this level is needed for the bulls to maintain control.SOL prices are facing resistance at the $99.27 level. A breakout above this level is needed for the bulls to maintain control. The MACD indicator is currently in a bullish trend and is signaling that prices are likely to continue moving higher while RSI is currently trading at 61 which indicates that there is still room for prices to move higher in the short term.

The parabolic SAR indicator is currently indicating a bullish trend for SOL prices and is signaling that the bulls are in control of the market. The 50-day moving average has also crossed above the 200-day moving average which is a bullish signal for prices and indicates that the long-term trend is currently in favor of the bulls.

Solana price analysis: SOL prices begin to rise after a brief consolidation above the $107 level 3
SOL/USD 4 hours price chart, source: TradingView

Solana price analysis conclusion

The Solana price analysis is bullishly biased in the short term as prices have begun to rise in a bullish trend. Prices are currently facing resistance at the $99.27 level and a breakout above this level is needed for the bulls to maintain control. However, if bulls fail to break out above the $99.27 level, prices could retrace back towards the $111.2 support level.

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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