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Solana price analysis: SOL prices soar to $122.36, ready to break higher

SOL

TL;DR Breakdown

  • Solana price analysis is bullish
  • SOL prices are facing resistance at $124.61
  • Solana prices have increased by 9.28 percent
Solana price analysis: SOL prices soar to $122.36, ready to break higher 1
Cryptocurrencies prices heatmap, source: Coin360

The Solana price analysis for today shows that Solana opened the daily trading session trading as high as $122.36. SOL prices have faced resistance at the $124.61 price point, however, the bullish trend is still in place for the next 24 hours. The market capitalization for Solana stands at $1,856,591 with a volume of $1,746,810 over the past 24 hours. The increasing prices have been attributed to the present buying pressure in the market.

The immediate support is at the $119.50 price point with resistance at the $124.61 price point. Solana prices have currently been trading above $120 for the last few days and are expected to reach new highs in the next 24 hours. Solana prices are currently dominating 1.85 of the entire cryptocurrency market while it ranks at position 8, thanks to the 9.28 percent increase in value. The next resistance point is at $129.39, which could be breached if the bullish trend continues.

Solana price action in a 1-day price chart: SOL prices break the previous resistance of $120

The 1-day price chart for SOL shows that the prices have been on an uptrend since March 20th. The prices reached a high of $122.36 today and are expected to increase further in the next 24 hours. The market volatility for Solana is increasing as the buying pressure increases whereby the Bollinger bands are seen to be widening. The RSI indicator is currently at the 73 mark and is expected to reach 80 in the next 24 hours, which would be an overbought territory. This suggests that there might be a slight pullback in prices in the short term but the bullish trend is still intact.

Solana price analysis: SOL prices soar to $122.36, ready to break higher 2
SOL/USD 1-day price chart, source: TradingView

The MACD indicator shows that the prices are in an uptrend and are likely to continue increasing in the next few hours. This would be a sign of stronger bullish momentum in the market. The Chaikin Money Flow indicator shows that the buying pressure is increasing, which suggests that there might be more upside potential in SOL prices. The Stochastic indicator is also in the overbought zone, however, it could reach the $80 level if the bullish trend prevails. The next resistance point is at $129.39, which could be breached if the bullish trend continues.

Solana price analysis on a 4-hour price 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 prices reached a high of $122.36 today and might increase further in the next few hours. The market volatility is increasing as the buying pressure increases, however, the bullish trend is still in place. The Bollinger bands are seen to be widening, which suggests that the prices might reach new highs in the next few hours.

Solana price analysis: SOL prices soar to $122.36, ready to break higher 3
SOL/USD 4-hour price chart, source: TradingView

The RSI indicator is currently at the 73 mark and is expected to reach 80 in the next few hours, which would be an overbought territory. This suggests that there might be a slight pullback in prices in the short term but the bullish trend is still intact. The MACD indicator shows that the prices are in an uptrend and are likely to continue increasing in the next few hours. This would be a sign of stronger bullish momentum in the market. The Parabolic SAR indicator is currently in the bullish zone and is expected to remain so in the next few hours. The 50 days EMA is also seen to be crossing the 200 days EMA, which is a sign of a bullish trend. The next resistance point is at $129.39, which could be breached if the bullish trend continues.

Solana price analysis conclusion

The Solana price analysis for today shows a firm uptrend that has been established in the market as seen in the 1-day and 4-hour price charts. The prices have reached a high of $122.36 today and are expected to increase further in the next 24 hours. The overall technical indicators are suggesting that SOL prices are likely to increase in the next few hours and might breach the $129.39 resistance point. The bullish trend is still intact and investors can consider buying SOL at current prices for short-term gains.

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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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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