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Solana price analysis: SOL/USD tests $32.56, is a bullish wave incoming?

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TL;DR Breakdown
  • Solana price analysis shows an uptrend
  • Solana prices have firm support at the $31.06 level
  • SOL prices have faced resistance at the $35.26 level

Recently Solana price analysis shows that the prices have found strong support at the $31.06 level and have risen to face resistance at the $35.26 level. Solana prices have seen a lot of movement in the past few hours as the market tries to find its footing after a weekend of heavy selling. The market opened today at $33.56 and quickly fell to the $31.06 support level where it found strong buying interest. The prices have bounced back from this level and are currently trading at $32.56.

Solana price movement in the last 24 hours: SOL/USD forms a bullish engulfing pattern

The 24-hour Solana price analysis has increased by 1.69 percent. The market has seen a lot of movement in the past 24 hours as it falls to the support level and then rises back up. The highest point reached by the prices today was $35.26, and the lowest point was $31.06. The market is currently facing resistance at the $35.26 level, and if it can break above this level, we can expect to see further gains in the prices.

image 4
SOL/USD 1-day price chart, Source: TradingView

The market is currently supported by the $31.06 level, and if this level breaks, we can expect to see further losses in the prices. The SOL/USD trading volume in the past 24 hours has been $1,534,642,691, and the total market capitalization is currently $11,203,951,626.

The bullish engulfing pattern indicates that the MACD line is about to crossover the signal line to the upside, which is a bullish signal. The RSI is currently at 57.89, which indicates that the market is neither overbought nor oversold. The EMA 50 is currently above the EMA 200, which is a bullish signal.

Solana price analysis on the 4-hour price chart: SOL/USD retraces from highs as bulls take a breather

On the 4-hour Solana price analysis chart, we can see that the prices have retraced from the highs as the bulls take a breather. The bears have been trying to push the prices lower, but the bulls have so far been able to hold the $32.06 level.

image 3
SOL/USD 4-hour price chart, Source: TradingView

The bulls on 4-hour indicate that the MACD line (blue) is about to crossover the signal line (red) to the upside, which is a bullish signal. The RSI is currently moving above the 50 level, which indicates that the market is neither overbought nor oversold. The EMA 50 (yellow) is currently above the EMA 200 (purple), which is an uptrend sign.

Solana price analysis conclusion

Solana price analysis shows a firm upward movement. SOL/USD pair prices are giving hopes of a breakout from a long-term descending trendline. The market is also seeing some good buying support near $31.06, which could lead to further upside potential in the prices. The overall market sentiment is bullish, and Solana prices are expected to continue rising as long as buyers maintain control of the market. However, if the selling pressure increases, we could see SOL/USD prices retrace back to the $31.06 level.

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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