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Solana price analysis: SOL price spikes to $42.4 as bullish momentum intensifies

Solana price analysis: SOL price spikes to $42.4 as bullish momentum intensifies
TL;DR Breakdown
  • Solana price analysis shows a bullish trend.
  • Resistance for SOL is found at $43.8.
  • Strong support is present at $40.3.

The Solana price analysis reveals the bullish momentum is at its peak today, as the coin value has increased significantly. The SOL/USD price has been recovering since 04 August 2022 as bulls are successfully maintaining their lead, and the momentum accelerated today as the price spiked to $42.4. The last time price was seen peaking at $43.8 on 30 July 2022, which is the current resistance now as price corrected down to 38.3 uptil 03 August 2022, and bulls were struggling for a comeback since then.

SOL/USD 1-day price chart: SOL gains 6.38 percent as the price reaches $42.4

The 1-day price chart for Solana price analysis reveals a solid bullish momentum. The SOL/USD is currently trading hands at $42.4, as bulls covered an upwards range today. SOL/USD pair has gained a value of 6.38 percent during the last 24 hours. At the same time, the cryptocurrency is at a loss of 0.69 percent over the course of the last seven days as the coin was in correction a few days back. The trading volume has increased by 12.20 percent, and the market cap has also increased by 6.35 percent, resulting in market dominance of 1.33 percent.

SOL 1 day 3
SOL/USD 1-day price chart. Source: TradingView

The volatility for SOL/USD pair is mild as the Bollinger bands dont show any major change, with the upper band present at $44.5, representing resistance, and the lower band present at $36.7, representing support, making an average at $40.6.

The relative strength index (RSI) is in the upper half of the neutral zone at index 55 on an upwards curve, and the RSI curve indicates the buying activity in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows the bullish momentum is intensifying after a continuous rise in price for 28 hours consecutively, as the price has spiked to $42.4 in the last four hours, and a further increase in price is highly expected.

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

The volatility is increasing on the 4-hour chart, and the price has jumped above the upper limit of the Bollinger bands, which acts as a support at $41 in the current scenario. The moving average is found at the $40.6 mark, and the RSI is nearing the overbought region at index 65. Though still in the neutral range, the indicator hints at the increasing buying momentum.

Solana price analysis: Conclusion

Today’s Solana price analysis suggests that SOL is enjoying the bullish momentum that has been going on for the past few days as the overall price trend is upwards. We anticipate SOL to continue the bullish trend for today. However, a correction is also possible as bulls might feel exhausted at any time as they have been in the lead for the last 28 hours.

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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