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Solana Price Analysis: Bullish winds continue blowing as prices set to break higher highs

Solana Price analysis
TL;DR Breakdown
  • Solana price analysis is bullish for today.
  • Solana found support at $32
  • SOL prices have faced resistance at the $36.87 level

Solana price analysis shows that the coin’s price is rising. However, it has met resistance at $36.87. There is strong support for the currency at $32.76. The price of Solana is presently trading above the $35 mark and appears set to continue its rise soon. Over the past 24 hours, Solana has increased by more than 3% and is now valued at $35.65.

Solana price analysis is bullish for today. The coin has found support at $32 and looks poised to continue its rise soon. However, it faces resistance at the $36.87 level. The Solana price analysis shows that the coin’s price is rising. However, it has met resistance at $36.87. There is strong support for the currency at $32.76. The price of Solana is presently trading above the $35 mark and appears set to continue its rise soon.

The short-term outlook for Solana remains bullish as the coin continues to trade above the $35 level. If the bulls can push prices above the $36.87 resistance level, we could see SOL prices move towards the $40 level in the coming days and weeks. However, if the bears take control and push prices below $32, we could see Solana retrace some of its recent gains. The Solana price is currently trading at $35.65 and is up by 3% over the past 24 hours.

Solana price movement in the last 24 hours: SOL/USD under bull’s control

The $36.87 handle is now a significant barrier for Solana’s price to breach, and if the coin breaks above this level, it may rise higher toward the $40 mark. However, if the price fails to break through this resistance level, we could witness a drop back towards the $32.76 support level. The daily 50-MA and 200-MA are presently at $34.09 and $33.15, suggesting that an upward path of least resistance is still ahead of us.

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

The 24-hour Solana price analysis chart for SOL/USD shows that the bulls have taken control of the market as prices currently range above the 50-SMA (Simple Moving Average) and the 200-SMA. The RSI indicator is presently in overbought territory, suggesting that the bulls may take a break soon. If this happens, we could see some consolidation around the current levels before prices resume their upward march.

On the downside, there is strong support for Solana at $32, and if prices drop below this level, we could see a further sell-off towards the $30 mark. Overall, the short-term outlook for Solana remains bullish as long as prices remain above $32.

Solana price analysis on the 4-hour price chart: Recent price developments

The Solana price chart for the last four hours shows that the bulls have taken a break as the currency has retraced its highs. The pair’s RSI is presently in overbought territory, implying that prices are poised to take a downturn soon. The MACD indicator, on the other hand, remains in the bullish zone, suggesting that the bulls continue to dominate. The 50-MA is breaking above the 200-MA, which is an indication of bullishness.

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

Solana price analysis conclusion

The Solana price development is in a positive bias. The coin has encountered resistance at the $36.87 mark, but it appears to be on track to continue rising soon. As with most cryptocurrencies, Solana has an upward trend momentum indicator of over 80 percent and a strong downtrend momentum indicator of 25 percent or more.

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.

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Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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