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Solana price analysis: Bullish trend escalates SOL prices above $41.73 level

Solana Price analysis
TL;DR Breakdown
  • Solana price analysis for today indicates a bullish trend
  • Support for SOL/USD is present at $38.55
  • Solana prices are facing resistance at $42.01
image 170
Cryptocurrencies prices heatmap, source: Coin360

Recent Solana price analysis shows that the bulls have taken control of the market as prices surged past the $41.73 level. The market is expected to continue this uptrend as long as the support at $38.55 holds. However, the bears may stage a comeback if prices fail to break past the resistance at $42.01. The SOL/USD pair is currently trading at $41.73 and is up by 3.96 percent on the day. The market capitalization has reached $14 billion, and the 24-hour trading volume has reached $12.31 billion.

Solana price analysis on a 1-day price chart: Bullish trend looks to break above $42.01 resistance

The 1-day Solana price analysis chart shows that the market has been in a bullish trend for the last 24 hours after prices surged past the $41.73 level. The bulls may attempt to push prices higher and break past the resistance at $42.01 in the near future. The next resistance levels for the bulls are located at $42.79 and $43.57. The prices are trading in an ascending triangle pattern, which is a bullish pattern. The triangle pattern is formed when the price is making higher lows and lower highs. This pattern generally resolves itself to the upside, which means that the bulls are likely to push prices higher in the near future.

image 172
SOL/USD 1-day price chart, source: TradingView

The RSI indicator is currently above the 50 level, which indicates that the market is in bullish territory. The MACD indicator is also in bullish territory and is increasing. This indicates that the bulls are in control of the market. The Bollinger Bands indicator is showing that prices are currently trading close to the upper band, which indicates that prices are overbought. The prices may pull back from the current level in the near future.

SOL/USD 4-hour price chart: Recent developments

On the 4-hour chart, Solana prices analysis has formed a bullish flag pattern. This is a continuation pattern that indicates that the current uptrend is likely to continue. The bears may attempt to push prices lower in the near future, but the bulls are likely to defend the $38.55 support level.

image 171
SOL/USD 4-hour price chart, source: TradingView

Prices are expected to rise to $53.3, where they will encounter resistance from the Relative Strength Index (RSI). The RSI is currently at overbought levels, which indicates that the prices may pull back in the near future. The Moving Average Convergence Divergence (MACD) indicator is in bullish territory, but it is close to the centerline. This indicates that the market may be losing momentum. The upper and lower Bollinger Bands indicator is currently close to each other, which indicates that the market is not overbought or oversold.

Solana price analysis conclusion

To conclude, a recent Solana price analysis shows that the bulls have taken control of the market and are likely to push prices higher in the near future. Prices are expected to rise up and retest the $43.57 resistance level in the near future. However, if prices fail to break past this level, the bears may stage a comeback.

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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