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Solana price analysis: Bulls struggling to maintain an uptrend as the price recovers to the $39 range

Solana price analysis: Bulls struggling to maintain an uptrend as the price recovers to the $39 range
TL;DR Breakdown
  • The most recent Solana price analysis shows bullish activity.
  • Bulls have taken the price levels up to $39.4.
  • Resistance for SOL is present at $40.9.

The Solana price analysis is indicating an increase in price levels for today. The price levels have moved up to meet the $39.4 level, which is a relatively positive indication for the buyers as the price has increased. Furthermore, there have been ongoing variations in the price trends that have lasted for a while, and the bulls have finally secured their leading position once again.

The bulls are inclined towards taking the price further above the current price value, to keep maintaining their bullish curve that has been continuing for the past few hours. The bulls have played swiftly as they have dodged past the bearish momentum that had interrupted their streak as the price breakout was downwards today.

SOL/USD 1-day price chart: Bulls to prevent the downfall

The 1-day price chart for Solana price analysis is going in the favor of the bulls once again, as they have regained their momentum after facing loss. The price value has gone through some improvement since yesterday, as today it has reached the value at $39.4 gaining almost six percent value during the last 24 hours. This is really encouraging for the buyers who are intending to control the market and enhance the cryptocurrency value even further.

SOL 1 day
SOL/USD 1-day price chart. Source: TradingView

Meanwhile, if we talk about the moving average value in the 1-day chart, then it is found resting at the $42.1 level, while the SMA 20 curve is still trading below the SMA 50 curve. The volatility is high with the average line of the indicator forming at $46. The Bollinger bands upper band is showing the value of $56.2 representing the strongest resistance, while its lower band is showing a value of $35.8 representing the support.

The Relative Strength Index (RSI) has been hovering at an almost horizontal line with a slight upwards curve, and it has reached the index of 33 which is still quite a low score.

Solana price analysis: Recent developments and further technical indications

The 4-hours Solana price analysis is indicating that the bullish momentum has resulted in a slight increase in the price value. The price has increased up to $39.4, after overcoming the resistance coming from the bearish side.

sol 4 hour
SOL/USD 4-hours price chart. Source: TradingView

The bullish momentum may intensify in the upcoming hours if the buyers put in more effort. The moving average (MA) is also at a lower height as compared to the current price and is present at $37.9. Also, the Bollinger bands values in the 4-hours price chart are as follows; the upper Bollinger band is at $41, whereas the lower Bollinger band is at $36, respectively. The RSI score has increased as well because of the ongoing bullish trend and has gone up to index 47 just below the centerline of the neutral zone.

Solana price analysis conclusion

The past few weeks have seen a building pressure from the bearish side which had resulted in slow bullish activity. Yet, today the bulls have been able to rise once again to prevent the coin’s price levels from shrinking further.

The price levels have increased to $39.4, as more buyers have entered the market as compared to the sellers. If the bulls are able to find a chance of improving the price values, then there is a possibility that the price will continue its journey to cross the $40.9 resistance.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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