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Solana price analysis: SOL bullish for the next 24 hours

Solana price analysis: SOL bullish for the next 24 hours
TL;DR Breakdown
  • Solana price analysis is bullish today.
  • Strongest resistance is present at $88.3.
  • Solana trading price is $53.9.

The Solana price analysis shows rising signs as the market shows massive upside potential. The bulls have regained their control of the Solana market, which will change the course of the market for the better, and SOL now expects the bullish period to take over in the next few days. However, the bears will do everything in their power to regain their control. The SOL price has experienced fluctuating dynamics in the last few hours, but we will get through it soon.

The market shows the price of Solana crashed yesterday to the $54 mark but spiked soon after to $53. Solana continues a slight negative movement. However, the next day, Solana prices spiked and reached $54. SOL currently trades at $53; SOL has been up 4.77% in the last 24 hours with a trading volume of $1,263,405,872 and a live market cap of $18,285,780,049. SOL currently ranks at #9 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 a slightly 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 $53.82, serving as a support point for SOL. Conversely, the lower limit of the Bollinger’s band is present at $48.30, serving as a support point for SOL.

The SOL/USD price travels over the Moving Average curve, indicating the market is following a bullish movement. However, as the market experiences open 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 an increasing market with consistent dynamics. The resistance band has been broken and will now be retraced.

image 415
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 59 making the cryptocurrency enter the upper neutral region. Furthermore, the RSI score moves upwards, indicating the buying activity exceeds the selling activity while moving towards stable dynamics.

Solana price analysis for 24-hours: SOL market closes

The Solana price analysis has experienced a fluctuating movement in the last few days. However, with the volatility decreasing. 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 $88.3, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $33.2, 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, indicating decreasing volatility with massive chances of shifting towards a positive trend. Hence, the price moves upwards towards increasing characteristics.

image 416
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 38, showing the cryptocurrency’s stability. It falls in the undervalued 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 bearish momentum with bullish opportunities. Moreover, the bulls have shown their deterrence and might take control of the market soon for the long term as the market shows massive signs of any change. Therefore, according to this analysis, Solana is expected to have a promising future, with the bulls taking the bears completely out of the picture.

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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