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Solana price analysis: SOL to face resistance at $141. Is correction ahead?

Solana price analysis SOL to face resistance at Is correction ahead

TL;DR Breakdown

  • The most recent Solana price analysis is bullish.
  • Resistance for SOL is present at the $141.6 mark.
  • The support for SOL/USD is present at $134.5.

Today, the Solana price analysis is on the bullish side as the coin price has seen another spike. The SOL price has broken above $134.8, as the bulls are marching towards their next target of $141.6. Yesterday selling pressure arose in the market, and a slight retracement in the price level was observed, but today bulls made a comeback, and the trend changed again in favor of bulls, and the price has rallied to $139.3. A further price increase is also expected in the coming hours.

SOL/USD 1-day price chart: Bearish momentum breaks price above the $134.8 hurdle

The 1-day price chart for Solana price analysis shows that the coin price is rallying high again after the price broke upwards today. SOL/USD is trading hands at $139.3 at the time of writing. The coin reports a 3.55 percent increase in value over the last 24 hours, and the crypto pair is at a gain of 38.45 percent over the past seven days due to the bullish trend of the last week. The trading volume has decreased by more than 3.13 percent during the last 24 hours, providing a market dominance of 2.11 percent.

Solana price analysis: SOL to face resistance at $141. Is correction ahead? 1
SOL/USD 1-day price chart. Source: TradingView

The volatility is quite high, and now the upper band is present at the $138 level below the current price, which now represents support for the SOL price function, and the lower band is present at the $79.8 mark, making an average at the $104 mark.

The relative strength index (RSI) also shows an upwards curve in the overbought zone at index 78. The indicator hints at overbuying of the asset in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour price chart for Solana price analysis shows a continuation of the bullish streak as the price function is covering the range upwards from the start of the trading session today. The price corrected for eight hours yesterday, but bulls have regained their momentum back and have been in the lead for the last 12 hours.

Solana price analysis: SOL to face resistance at $141. Is correction ahead? 2
SOL/USD 4-hours price chart. Source: TradingView

The volatility is high as the upper limit f the Bollinger bands is touching $143.3, which represents the resistance for SOL, and the lower band is touching the $119.2 mark, which represents support for SOL. The moving average (MA) is trading below the price level at the $136.3 mark below the price level. The RSI is nearing the overbought region as it is trading at index 68, and the indicator’s slope is upwards, showing the buying activity in the market.

Solana price analysis conclusion

The Solana price analysis suggests the price may go further high today. Traders can expect the price to continue improving above the current level of $139.3 in the coming hours if the bullish support persists. However, selling pressure is expected to arise near the $141.6 resistance mark.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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