Solana price analysis: SOL breaks above $35.65 as bullish trend intensifies

Solana price analysis
TL;DR Breakdown
  • Solana price analysis shows an uptrend
  • Solana prices have firm support at the $32.76 level
  • SOL prices have faced resistance at the $36.87 level

Solana price analysis reveals that the coin is currently in an uptrend. However, it has found some resistance at the $36.87 level. There is firm support for the coin at the $32.76 level. The coin’s price is currently trading above the $35 mark and looks set to continue its upward trend in the near future. Solana has increased by over 3% in the past 24 hours and is currently trading at $35.65. The market cap of the coin currently stands at $12,065,545,692 and the 24-hour trading volume of the coin is $1,300,920,494.

Solana price has been on a tear in recent weeks as the altcoin market has begun to heat up once again. After a period of consolidation around the $30 mark, SOL prices have started to move higher once again and are now trading above the $35 level.

Solana price movement in the last 24 hours: SOL/USD faces rejection at the 36.87 level

The daily chart for Solana price analysis shows that the coin has found some resistance at the $36.87 level and breaks above this level could see prices move higher toward the $40 level. However, if prices fail to break above this resistance level, we could see a pullback towards the $32.76 support level. The daily 50-MA and 200-MA currently stand at $34.09 and $33.15 respectively, which shows that the path of least resistance is to the upside.

image 41
SOL/USD 1-day price chart, Source: TradingView

The 24-hour chart for SOL/USD shows that the coin has formed a bullish flag pattern as the Moving average convergence divergence indicator is currently in the bullish zone. This indicates that the coin could continue its upward move in the near future. The RSI for the pair is currently near the overbought levels, which could see some profit-taking in the short term.

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

The 4-hour price chart for Solana price analysis shows that the coin has retraced its highs as the bulls take a breather. The RSI for the pair is currently in the overbought levels, which indicates that prices could see a corrective move in the near future. However, the MACD indicator is still in the bullish zone, which indicates that the bulls are still in control of the market. The 50-MA is moving above the 200-MA, which is a bullish sign.

image 42
SOL/USD 4-hour price chart, Source: TradingView

Solana price analysis conclusion

Solana price analysis shows a bullish trend momentum. The coin has found some resistance at the $36.87 level but looks set to continue its upward trend in the near future. The investors should keep an eye on the $32.76 support level as a break below this could see prices fall towards the $30 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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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