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Solana price analysis: SOL/USD pair set to break above $45 soon

Solana Price analysis

TL;DR Breakdown

Solana price analysis is bullish.
Solana prices have seen firm support at the $38.44 level.
SOL prices have faced resistance at the $44.45 level.

Solana price analysis is bullish in the short-term and medium-term. Prices have seen firm support at the $38.44 level and have faced resistance at the $44.45 level. A break above this resistance level could see prices move towards the $50.00 level

In the short-term, Solana prices are testing key resistance levels. SOL prices have seen firm support at the $38.44 level and have faced resistance at the $44.45 level. If prices can break above this resistance, we expect higher prices in the near-term. However, if prices fail to break above this level, we could see prices retrace back to support levels. Overall, Solana price analysis is bullish in the short-term.

Solana price action on a 1-day price chart: SOL/USD trades above $44.25

The daily price analysis shows that Solana (SOL) prices are in a bullish trend. Prices have seen firm support at the $38.44 level and have faced resistance at the $44.45 level. A break above this resistance level could see prices move towards the $50.00 level.

In the medium-term, Solana prices are also in a bullish trend. Prices have been following an ascending channel since mid-March. The recent breakout above the $40.00 level has seen prices move towards the $50.00 level. If prices can break and sustain above this level, we expect higher prices in the medium-term.

image 129

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

The technical indicators on the 1-day chart are bullish. The moving averages are all sloping upwards, which shows that the bulls are in control of the market. The RSI is also above 50, which shows that there is bullish momentum in the market.

Solana price analysis on a 4-hour price chart: Bulls have won the race after a short-term price battle

On the 4-hour chart, Solana (SOL) prices are approaching a key resistance level at $44.45. If prices can break above this level, we expect higher prices in the near term. However, if prices fail to break above this level, we could see prices retrace back to support levels. Overall, Solana‚Äôs price analysis is bullish in the short-term and medium-term.

The 4-hour Solana price analysis chart shows that Solana (SOL) prices are in a bullish trend. Prices have seen firm support at the $38.44 level and have faced resistance at the $44.45 level. A break above this resistance level could see prices move towards the $50.00 level.

image 127SOL/USD 4-hour price chart, Source: TradingView

The Bollinger Bands on the 4-hour chart are indicating that prices are trading in a range-bound market. Prices have been bouncing off the upper and lower Bollinger bands for the past few days. The RSI is also close to 50, which shows that there is no clear direction in the market at the moment.

Solana price analysis conclusion

The recent breakout above the $40.00 level has seen Solana prices move towards the $50.00 level. If prices can break and sustain above this level, we expect higher prices in the medium-term.

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

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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