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Solana price analysis: SOL moves positively towards $110

SOL

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest resistance is present at $137.8.
  • Solana trading price is $109.4 as of now

The Solana price analysis shows rising signs as the market shows massive upside potential. The bulls have initiated their plans for the Solana market, which will change the course of the market for the better, and SOL now expects the bullish period to continue for the next few days. However, the bears will do everything in their power to regain their control. The SOL price has experienced a cup and handles movement in the last 48 hours and is expected to continue the trend.

The market shows the price of Solana spike yesterday to the $108 mark but declined soon after to $107. Solana continues a slight negative movement. However, the next day, Solana prices spiked and reached $109.4. SOL currently trades at $109.4; SOL has been up 7.44% in the last 24 hours with a trading volume of $1,823,341,980 and a live market cap of $36,313,944,726. SOL currently ranks at #7 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

The Solana price analysis illustrates that the present condition of the market demonstrates bullish potential as the price moves upwards. Moreover, the market’s volatility follows an opening movement, resulting in the cryptocurrency being more prone to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $110.4, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $95.7, serving as a support point for SOL.

The SOL/USD price travels under the Moving Average curve, indicating the market is following a bullish movement. However, as the market experiences opening volatility today, the Solana price has more room to move towards either extreme. In addition, the SOL/USD price seems to move towards the retraced resistance, signifying a possible breakout, which could give bears an opportunity. However, it might not make a difference if the bulls manage to hold them off long enough.

Solana price analysis: SOL moves positively towards $110 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 64 making the cryptocurrency enter the overvaluation region. Furthermore, the RSI score moves slightly upwards, indicating the buying activity exceeds the selling activity while moving towards complete inflation.

Solana price analysis for 24-hours: SOL market is significantly volatile

The Solana price analysis has experienced a fluctuating movement in the last few days. However, with the volatility slightly decreasing, the bulls are starting to make moves against bears to initiate their coup against bears and take control of the market by force. Moreover, as the volatility closes, it makes the value of the cryptocurrency less volatile to change. As a result, the upper limit of the Bollinger’s band rests at $137, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $88, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are closing in.

Solana price analysis: SOL moves positively towards $110 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 52, showing the cryptocurrency’s stability. It falls in the lower-neutral region. However, the RSI score follows an increasing movement signifying an expanding market and gestures toward stable dynamics. The rising RSI score indicates selling activity inferior to buying activity.

Solana Price Analysis Conclusion

The Solana price analysis shows bullish momentum with further bullish opportunities. The bulls have shown their deterrence and might keep controlling the market for the long term as the market shows little signs of any change.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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