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Solana price analysis: Price rears $40 as the bulls arrive for support

Solana price analysis: Price rears $40 as the bulls arrive for support
TL;DR Breakdown
  • Solana price analysis shows a bullish trend.
  • Resistance for SOL is present at the $40.5 level.
  • Support is present at the $37.2 level.

The Solana price analysis shows that the bulls are trying to recover once again. The price has been rising and is planning to breach past the $39.7 resistance. The recent uptrend has been quite encouraging as during the past week, the cryptocurrency remained under bearish pressure and lost significant value. The bullish momentum is increasing gradually, and a further improvement in the price value can be expected.

SOL/USD 1-day price chart: Price escalates to $39

The one-day Solana price analysis is going positive for the cryptocurrency as there has been a considerable amount of rising in the price value. The price has now surpassed the $39 level and is aiming to settle down at a higher level. The coin has already gained about 0.85 percent value which will increase over time as the price is settling at $39.6 at the moment; however, as said earlier, the coin is at a loss of 7.50 percent if observed over the past week.

Meanwhile, the moving average (MA) value for the 1-day chart is $41 as there has been bullish activity during the last week as well. In comparison, the Bollinger bands are making an average of $40.8 in the 1-day SOL/USD price chart.

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

The Bollinger band values are situated at the following marks; the upper band is at $45, representing the strongest resistance, whereas the lower band is at $36, representing the strongest support for SOL price. The volatility has been on the lower side for the day. The Relative Strength Index (RSI) score is 54, which is quite an average number, and the curve of the indicator is upwards, which hints at the buying activity in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis chart shows the price is flying high once again as the bulls have gained back some strength during the past couple of hours. The current SOL/USD price is going at $39.6 and is expected to touch an even greater height. At the same time, the moving average is at the $39 level for the 4-hours price chart. The bulls have gained the advantage of the situation as they have been able to reverse the continuous bearish trend.

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

The Bollinger bands indicator is giving us the following values; the upper value is $41, and the lower value is $37 at the time of writing. The RSI score has undergone improvement as well because of the recent uptrend and has reached the index of 47.

Solana price analysis conclusion

The current Solana price analysis suggests that the trend for SOL/USD has been bullish for the day as the bulls are trying to find recovery after a long period of loss. The price has leveled up again as it has successfully reached the $39.6 position. The bullish momentum is expected to intensify in the future as long as the support remains intact. Overall, the chances have increased for the price improvement of the cryptocurrency as the bulls are moving high.

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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