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Solana price analysis: SOL prices correct higher after a brief dip below the $100 level

SOL

TL; Breakdown

  • Solana price analysis shows an uptrend
  • SOL prices have surged by 5.84 percent
  • Solana price current resistance is seen at the $103.6
Solana price analysis: SOL prices correct higher after a brief dip below the $100 level 1
Cryptocurrencies prices heatmap, source: Coin360

The Solana price analysis is bullish today after the bulls came back to push prices higher following a brief dip below the $100 level. The price of SOL surged by 5.84 percent as it reached its current high of $101.89.The bulls had tried to push prices higher yesterday but they were unable to sustain the momentum and prices fell to a low of $97.17. However, the bulls have come back today and they have pushed prices above the $100 level. The next resistance for the bulls is seen at the $103.6 level. If they can push prices above this level, then we could see further gains in SOL price.

Solana price movement in the last 24 hours: Bulls heighten pressure

The Solana price analysis reveals the market is now in a consolidation phase. The market is now in a consolidation phase as prices have been range-bound between the $103.6 and $95levels. Solanas trading volume has also decreased over the past 24 hours which indicates that the market is digesting the recent gains. The next few days will be crucial for the bulls as they try to push prices above the $103.6 level and continue the uptrend. The digital asset is currently dominating 1.80 percent as it ranks position 7 in the overall digital assets market.

Solana price analysis: SOL prices correct higher after a brief dip below the $100 level 2
VET/USD 1-day price chart, source: TradingView

The MACD indicator line is currently residing on the signal line and is in the bullish territory while the RSI indicator is currently trading at 54.65 which is below the 60 levels. The SMA 50 is currently trading above the SMA 200 which indicates that the uptrend is still intact. This indicates that there could be more upside potential in the market as the bulls build up momentum to push prices higher.

Solana price action on the 4-hour price chart: SOL prices lookout to retest the $103.6 resistance level

The 4-hour price chart for Solana shows that the bulls were unable to sustain a move above the $103.60 resistance as prices dipped below this level. The current buying action is likely to drive the prices towards the $103.6 resistance level where the bulls may encounter some selling pressure. The immediate support is seen at the $99.17 level which was tested today as prices dipped below this level as prices currently trade at $102.24 at the moment of writing.

Solana price analysis: SOL prices correct higher after a brief dip below the $100 level 3
SOL/USD 4-hour price chart, source: TradingView

The technical indicators on the 4-hour price chart indicate a bullish market as the MACD indicator line is currently residing on the signal line and is in the bullish territory while the RSI indicator is currently trading at 59.90 which is above the 50 levels. The SMA 50 is currently trading above the SMA 200 which indicates that the uptrend is still intact. The market volatility for SOL/USD is increasing as the Bollinger bands are bulging outwards.

Solana price analysis conclusion

The Solana price analysis shows an uptrend in today’s price movement. The bulls are targeting the $103.6 resistance level as the next target while the immediate support is seen at the $99.17 level. The current positive market sentiment is attributed to the overall positive market sentiment which has seen the prices of most digital assets surge higher. Conversely, negative market sentiment could lead to a sell-off in the digital asset market which may see prices retrace lower.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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