Solana price analysis: SOL prices regain bullishly after bouncing off key support

TL;DR Breakdown

  • Solana price analysis shows a bullish trend
  • SOL prices have gradually increased by 4.34 percent
  • The rise in price is expected to continue as the bulls are in control
Solana price analysis: SOL prices regain bullishly after bouncing off key support 1
Cryptocurrencies prices heatmap.source: Coin360

The Solana price analysis recently reveals a bullish market sentiment after a slight price drop. The digital asset has regained its bullishness and may continue the trend in the days to come. Solana prices have been trading low over the last few days due to the decline in the entire crypto market but have managed to find support at the $105.0 level.

The digital asset has since risen by 4.34 percent and is currently trading at $106. 13. The market cap for the coin has also increased and is now worth $1.29 billion while the 24-hour trading volume stands at $613 million. Solana’s price is expected to continue its upward trend as the bulls are in control of the market as the prices have been alternating between a range of $98.67 to $109.12.The cryptocurrency market is gradually on the rise with most of the top assets seeing gains in the past 24-hours.

Solana price action on a 1-day price chart: SOL prices regain bullishly after bouncing off key support

The Solana price action on the 1-day price chart shows that SOL/USD pair has been trading with a positive bias. The pair has formed an ascending triangle pattern which is a bullish signal and is expected to result in an uptrend. The digital asset has been consolidating within the tight range of $98.67 and $109.12 since April 11th and a breakout from this range is expected soon. The Relative Strength Index indicator is currently at 58.59 and is gradually moving towards the overbought zone which is a bullish signal. The MACD indicator has also formed a bullish crossover as the signal line has crossed above the histogram.

Solana price analysis: SOL prices regain bullishly after bouncing off key support 2
SOL/USD 1-day price chart, source: TradingView

The Stochastic RSI indicator is currently in the overbought zone which is a bullish signal while the moving averages lie above the candlesticks which is also a bullish sign. The resistance levels for the coin are at $110, $112, and $114 while the support levels lie at $104, $102, and $100.

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

The Solana price analysis on the 4-hour timeframe shows that SOL/USD has formed an ascending channel pattern. The digital asset has been trading within this channel since March 30th and a breakout from this pattern is expected soon. The RSI indicator is currently at 68.94 and is gradually moving towards the overbought zone which is a bullish signal. The MACD line is headed towards the signal line which is a bullish sign.

Solana price analysis: SOL prices regain bullishly after bouncing off key support 3
SOL/USD 4-hour price chart, source: TradingView

The Parabolic SAR marker has formed dots below the candlesticks which is a bullish sign. The moving averages lie above the candlesticks which is also a bullish indication. The resistance levels for the coin are at $108, $110, and $112 while the support levels are at $106, $104, and $102.

Solana price analysis conclusion

The Solana price analysis reveals that the digital asset has regained its bullishness and may continue to rise in the days to come. The market is expected to break out from the ascending channel pattern which is a bullish signal. The indicators also show positive signs which indicates that the bulls are in control of the market. However, bears are still present in the market and any sudden change in the market sentiment could result in a price drop.

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.

Joel Oluwatobi

Joel Oluwatobi

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.I love content and creating features on the cryptocurrency.

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