Solana price analysis: SOL rejoins the $37 level after an upsurge follows

Solana price analysis: SOL rejoins the $37 level after an upsurge follows

TL;DR Breakdown

  • The coin is bullish as per Solana price analysis.
  • Resistance for SOL is present at the $38.9 level.
  • Support is still maintained at the $34.9 level.

The recent Solana price analysis is showing signs of bullish activity, as the bulls have maintained their upwards progress on the price charts. The price went down during the last week, but the bulls have managed to escape the bearish pressure, and the price has been on the rise since 13 July 2022. The rise in price has been quite considerable as it has heightened up to $37.8 in the last 24 hours. Further increase in price can be expected as the hourly prediction is in the bullish direction as well. But on the other hand, a correction is also possible to take place in the coming hours.

SOL/USD 1-day price chart: Price nears $38.9 resistance

The one-day Solana price analysis confirms an increase in the coin value after the bullish trend. The bulls have successfully carried their lead, as the price has increased up to $37.8 today. Although the past week hindered bullish price movement, the situation has improved during the last few days. The moving average (MA) value is present at $36.3, still quite lower as compared to the current price. However, the SMA 20 curve is trading above the SMA 50 curve.

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

The volatility has slightly decreased, which means that the uptrend may slow down in the coming week. The upper Bollinger band value has moved on to the $40 level, whereas the lower Bollinger band value moved to $31.5. The Relative Strength Index (RSI) score has improved up to index 52 as well, which indicates positive market sentiment for SOL.

Solana price analysis: Recent developments and further technical indications

The uptrend has been resumed as the bullish momentum has increased according to the four hours Solana price analysis. The price has climbed above the resistance level as well; it is now settled at $37.8. Further increase in price can be expected as the bullish momentum has been quite impactful. Moreover, the moving average value for the four hours price chart is now settled at $36.

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

The increasing volatility has changed the Bollinger bands average to $34. The upper Bollinger band value has now moved to $38.3, whereas the lower Bollinger band value has moved down to $31.4. The bullish trend has caused improvement in the RSI score as well as it is now at index 66, going towards the overbought zone; however, the indicator stands neutral at the time of writing.

Solana price analysis conclusion

The one-day and four-hour Solana price analysis is dictating a rise in price up to $37.8. The bearish momentum has subsided, as now the bulls are leading the game. But as the bullish momentum has aggravated and bulls are striving for the past 28 hours, so the bulls might e exhausted by now. The support at $34.9 seems strong, but the SOL/USD price may observe a slight reversal as the price is already near the resistance 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.
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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