Ethereum
$ 1,225.77 0.59%
Solana
$ 39.38 1.86%
Dogecoin
$ 0.071870 5.69%
ApeCoin
$ 5.42 13.10%
Bitcoin
$ 21,016.00 1.11%
BNB
$ 239.30 0.55%

Solana price analysis: Bulls stumble to rebound SOL prices at $100.0 level

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bullish
  • Solana prices trade in a sideways trend as bulls try to recover the market
  • Solana prices are currently facing resistance at the $100.5 level
image 1 132
Cryptocurrencies prices heatmap, source: Coin360

Solana price analysis reveals SOL prices opened the daily trading chart trading in a sideways trend as bulls try to recover the market. Solana prices are trading close to the $100 level as the market faces some resistance at the $100.5 level. Bulls will be looking to push prices higher as they try to get back above the $101 level. The bears will be looking to take control of the market if they can push prices below the $99.5 level.

Solana prices have been alternating between $97.10 to $100.54 in the last 12 hours as the cryptocurrency records an 0.11 percent gain. The bulls are facing some resistance at the $100.5 level as the cryptocurrency trades close to this level, but there is a lack of momentum for further gains. The market’s trading volume is above $1.2 billion as the digital asset dominates 1.84 percent of the entire cryptocurrency market.

The market capitalization for SOL prices is at $33.4 billion while the cryptocurrency ranks at position 6 overall. Solana prices are trying to break above $100.0 to set up a bullish rally that can take the cryptocurrency back to $101. The next resistance level will be at $103 and then the all-time high at $133.35.

SOL/USD daily price chart: Bullish momentum extends gains above $100

The daily price chart for SOL/USD reveals that Solana prices are looking for support after a bullish move towards the $101 level. The market is trading in a sideways trend and there could be some consolidation in the short term. A move below $99 will be bearish for the market, but if the bulls can take control, a move back to $103 is possible.

image 1 127
SOL/USD 1-day price chart, source: TradingView

The bearish trendline is holding the market’s decline, but at close proximity, buyers are trying to get around this level. The RSI indicator is trading close to the 50.0 level as the market indecision takes over. The MACD shows a bearish crossover that can take prices lower in the short term, but the bulls are still trying to push for gains. The Bollinger bands are narrowing to signal improved volatility levels in the market and there could be more room for the bulls to gain traction.

SOL/USD 4-hour price action: $100.0 level holds

Solana price analysis shows that Solana price is trading in a sideways trend as bulls try to recover the market. The cryptocurrency trades within a tight range and there could be some volatility in the short term. A break above $101 will leave open the possibility for further gains towards $103, but if the bears resume control, a move back to $99 is possible.

image 1 133
SOL/USD 4-hour price chart, source: TradingView

The 4-hour price chart for SOL/USD shows that the market is trading in a sideways trend between $100.0 and $101. The market has found some support at the $100 level as prices fail to break lower. There is some resistance at the $101 level as bulls try to take control of the market. The RSI indicator is pointing to an overbought market as the bulls continue to push for gains in the market. The Bollinger bands on the 4-hour price chart are narrowing in the market as volatility levels slightly improve. The MACD is looking bearish to signal that buyers are trying to gain control of the market, but won’t have enough momentum to take prices higher.

Solana price analysis conclusion

Solana price analysis shows that SOL is trading in a sideways trend as bulls try to recover the market. Solana prices trade within a tight range between $100.0 and $101. There is some support at the $100 level as prices fail to break lower, but if sellers gain control, a move back to $99 is possible. The bears are still active as most of the technical indicators are pointing to a bearish market in the short term. To improve gains, the bulls need to break above $101 and move towards $103. The next resistance level will be at $103, but further gains might take prices back to $133.35.

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.

Related News

Hot Stories

Aave price analysis: AAVE slowly retraces to $62, another lower high next?
Solana price analysis: SOL/USD declines to $39.16
Compass Mining loses Bitcoin mining facility for neglecting energy bill
Ethereum price analysis: ETH/USD stagnates as sideways movement restricts buying near $1,225
Robinhood shares spike 14% on FTX rumored purchase report

Follow Us

Industry News

Compass Mining loses Bitcoin mining facility for neglecting energy bill
Robinhood shares spike 14% on FTX rumored purchase report
US adults turn strong hands, predict Bitcoin at $38,000 on average in 6 months
Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records