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Solana Price Analysis: SOL/USD pair is up four percent; bullish momentum set to continue

Solana Price Analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest resistance is present at $137.8.
  • Solana market cap is $35 billion

The Solana price analysis for today is bullish as the coin surged by 4.3% in the last 24 hours. The current trading price of SOL is $109.4, and it currently holds a market cap of $135 billion. Let’s look at the Solana price prediction and see how the coin is expected to trade in the near future.

SOL/USD 4-hour price analysis: Latest developments

The Solana price analysis shows that the coin is currently trading at $109.4 and it has a market cap of $35billion. The coin is expected to have a bullish run in the next 24 hours as it surged by 4.3% in the last 24 hours. The coin is expected to have a bullish run in the next 24 hours as it surged by 4.3% in the last 24 hours.

On the 4-hour chart, the SOL/USD pair is seen trading above the moving averages, indicating that the path of least resistance is to the upside. The RSI indicator is also seen trading in the overbought region which indicates that the coin is currently in an uptrend. The MACD indicator is also seen trading in the positive territory which indicates that the bulls are currently in control of the market.

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

The symmetrical triangle pattern is a bullish continuation pattern that forms when the market SOL/USD 4-hour chart in a consolidating phase. The pattern is formed when the price action is confined between two converging trendlines. A break out from this pattern is typically followed by a move in the direction of the breakout.

The MACD indicator is seen trading in the positive territory which indicates that the bulls are currently in control of the market. The RSI indicator is also seen trading in the overbought region which indicates that the coin is currently in an uptrend.

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

The 24-hour chart for the SOL/USD pair market is significantly volatile. The price action has been confined within a symmetrical triangle pattern since February 16, with both the bulls and the bears unable to gain a clear upper hand.

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, indicating the cryptocurrency’s stability. It falls in the low-neutral zone. The RSI score, on the other hand, is following an increasing movement that suggests a growing market and implies stable dynamics.

Solana Price Analysis Conclusion

The Solana price analysis dynamics on the 4-hour timeframe are indecisive. The cryptocurrency needs to break out of the resistance line at $115 to move north. On the downside, there is support at $105.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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