Solana price analysis: SOL price rises to the $37 level as bullish momentum restores

Solana price analysis: SOL price rises to the $37 level as bullish momentum restores
TL;DR Breakdown

Solana price analysis shows bullish momentum.
Resistance for SOL is present at the $41 level.
Support is still maintained at the $34.6 level.

The Solana price analysis reveals the price is increasing once again as the bullish momentum has been on the rise for the past few hours. The bulls are trying to find their way to recovery and have taken the price to the $37 level after consistent efforts. The past few days proved unfavorable towards the cryptocurrency value as the price trend line has been downwards for the past week, and the highest loss in coin value was observed on 25 July 2022. Yet, today the coin got support and has started to recover back.

SOL/USD 1-day price chart: SOL to face next resistance at $41

The price is on the rise once again, as can be confirmed from the 1-day Solana price analysis. The bulls have been able to recover successfully as the price levels are now touching the $37 height. The past week proved fatal for the coin value as its value went down quite regularly, and it lost 19.58 percent during this time. But now the bulls are back on track and the coin gained 3.49 percent value during the last 24 hours, as bulls are striving for recovery.

SOL 1 day 2
SOL/USD 1-day price chart. Source: TradingView

The volatility is high for Solana, which means that a further uprise in price can be expected in the coming days. Whereas the upper and lower values of the Bollinger bands indicator are as follows; the upper band value is $44.94 representing resistance for SOL, while the lower band is at $32, representing support. The moving average (MA) is trading at the $40 level above the current SOL/USD price. The Relative Strength Index (RSI) curve has also turned upwards, and the score has reached index 46; the indicator is trading at a slight upwards curve, indicating the buying activity in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows that the price started to improve tremendously at the end of the previous trading session. A small correction was also observed at the start of today’s trading session, but bulls are again on the march towards the next resistance level. Currently, the price has jumped to $37 in the last four hours, thus strengthening the uptrend. The bullish dominancy has been quite clear for the past few hours, and the price may keep on increasing for the day.

SOL 4 hour 1
SOL/USD 4-hours price chart. Source: TradingView

The price has traveled above the moving average (MA) value, which is present at $35.9. The volatility is increasing on the 4-hour chart as the upper limit of the Bollinger bands is currently settled at $42, and the lower limit has reached down to the $33 level after expanding apart. The RSI indicator is also traveling at a steep upwards curve at index 44 due to the healthy buying activity, and we expect the RSI will increase furthermore as the bullish momentum seems strong.

Solana price analysis conclusion

The Solana price analysis suggests the bullish momentum is getting strong as the coin has covered a range upwards up to $37 in the last hours of the trading session today. Further improvement in price is also expected over the day. Today’s upwards price movement seems like the end of the recent strong correction.

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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