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Solana price analysis: SOL soars 15 percent to follow up from $34 slump

Solana Price analysis
TL;DR Breakdown
  • Solana price up by more than 15 percent on daily chart
  • Price poised to launch another assault at $46.78 resistance
  • A move below $40 could invalidate bullish thesis

Solana price analysis shows highly bullish signs today, as price notched up more than 15 percent following on from yesterday’s uptrend. SOL reached as high as $44.23 on the daily chart after initially rising more than 12 percent yesterday. This came about after a distinct period of decline that began on July 19, 2022. SOL was in a dire slump, dropping down to $34.82 before bulls pushed the market yesterday. The 24-hour chart shows a wedge-like pattern that is also used to mark an end to bearish control. However, movement on the daily chart to take price below $40 will invalidate the bullish sentiment from the market.

The larger cryptocurrency market showed positive signs as well over the past 24 hours, as Bitcoin paced up to move into touching distance of the $24,000 mark with a 4 percent increment. Ethereum rose 5 percent to $1,700, while leading Altcoins also picked up momentum. Cardano moved up to $0.51, while Ripple increased 4 percent to $0.37. Dogecoin picked up 3 percent to move up to $0.07, whereas Polkadot rose 4 percent to sit at $7.86.

Screenshot 2022 07 29 at 5.06.24 AM
Solana price analysis: Cryptocurrency heat map. Source: Coin360

Solana price analysis: Price cruises above crucial moving averages on daily chart

On the 24-hour candlestick chart for Solana price analysis, price can be seen undergoing a distinct change of spell to turn bullish over the past 24 hours. Price is seen to have followed on strongly from the rejection around the $45 mark at the start of the week and is set to launch another assault at the point. SOL price has moved past the 9 and 21-day moving average over the past 24 hours, along with the crucial 50-day exponential moving average (EMA) at $40.88.

The 24-hour relative strength index (RSI) can also be seen undergoing a surge up to 58.22, showing strong market valuation. Trading volume also jumped up 35 percent, indicating buying action at lower prices for SOL. Meanwhile, the moving average convergence divergence (MACD) also shows bullish signs, forming higher lows to attempt a bullish divergence over the next 24 hours.

SOLUSDT 2022 07 29 05 09 17
Solana price analysis: 24-hour chart. Source: Trading View

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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