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Solana price analysis: Price rejoins $46.71 high as bullish momentum recharges

Solana Price analysis
TL;DR Breakdown
  • Solana price analysis is bullish
  • Solana prices have seen firm support at the $42.49 level
  • SOL prices have faced resistance at the $47.13 level

Solana price analysis shows a bullish trend as prices move to reclaim the $47.13 resistance level. However, the bulls may encounter selling pressure at this level. If they do, a retracement to around $42.49 is likely. The bulls need to push prices above the $47.13 resistance to resume the uptrend. Solana prices have seen a steady increase over the past few days as buyers return to the market. Prices reached a high of $46.71 on March 1 but failed to sustain this level and fell back to $44.01. However, prices have resumed the uptrend and are currently testing the $47.13 resistance.

image 578
Cryptocurrencies price heat map, Source: Coin360

The price of SOL has seen some strong buying pressure as of late and looks poised to continue its upward momentum in the medium term. The market volatility has seen prices fluctuate between $42.49 and $47.13 over the past few days. Traders should keep an eye on the $47.13 resistance level as a breakout above this level could see prices move higher in the near term.

Solana price analysis shows trading volume has been on the rise in recent days as it is currently sitting at $1,488,745,511 while the market cap is at $15,797,479,119. The price of SOL is currently trading at $46.71 and is up 4.61% in the last 24 hours.

Solana price analysis on a 1-day price chart: Bullish trend looks to break above $47.13resistance

Solana prices analysis on a 1-day price chart confirms the firm bullish trend in the market as SOL prices have recorded a significant rise over the last 24 hours. The buyers have been consistent as the buying pressure looks to break above the $47.13 resistance level. The moving averages are all sloping upwards, with the 50-day MA ($45.02) and the 20-day MA ($44.37) doing so at a faster rate than the 100-day MA ($43.66). This confirms the bullish momentum in the market as prices look to move higher in the near term.

image 579
SOL/USD 1-day price chart, Source: TradingView

The RSI indicator is currently at 62.27 and is slowly rising, which shows that the bulls are in control of the market. However, the MACD indicator is bearish as the signal line is above the histogram. This means that prices could fall in the short term as selling pressure increases.

Solana price analysis on the 4-hour price chart: Further upside possible as buyers look to reclaim $47.13resistance

The 4-hour price chart for Solana shows that the bulls have been in control of the market as prices have risen steadily over the past few days. The bulls have won the race after managing to push the prices past the  $46.71 high and are currently testing the $47.13 resistance level. The moving averages are above the candlesticks, with the 50-day MA ($45.93) and the 20-day MA ($45.51) sloping upwards at a faster rate than the 100-day MA ($44.96). This is a bullish sign as it indicates that the market is in an uptrend.

image 580
SOL/USD 4-hour price chart, Source: TradingView

The RSI indicator is above 50 but is slowly falling, which means that the market could be overbought in the short term. The MACD indicator is also bullish as the signal line is below the histogram. This indicates that the bulls are in control of the market and that prices are likely to continue rising in the near term.

Solana price analysis conclusion

Solana price analysis on the 1-day and 4-hour timeframes show that the bulls are in control of the market as prices move higher. Prices are currently testing the $47.13 resistance level and a breakout above this could see prices move towards the $50 level. However, if prices fall back below $46, a retracement to around $42.49 is likely. The bulls need to push prices above the $47.13 resistance to resume the uptrend.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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