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Solana price analysis: SOL starts recovering as the price rises to $44.1

Solana price analysis: SOL starts recovering as the price rises to $44.1
TL;DR Breakdown
  • The Solana price analysis is bullish today.
  • The resistance for SOL is present at $46.5.
  • Support for SOL/USD is found at $49.1.

The Solana price analysis shows an increasing trend for the market today, as the price underwent recovery. The bulls have succeeded in obtaining the leading position and gaining stability, as the market trend has been turned in the bullish direction. Today, a significant increase in coin value was detected as the price recovered up to $44.1 top. There are high chances that the current bullish trend will intensify in the upcoming week, as the coin was following the down wave previously.

SOL/USD 1-day price chart: bulls take charge once again

The one-day Solana price analysis predicts a strong bullish trend for the day, as the bulls have been ruling the price chart today. The coin value is growing tremendously as the market has been consistently following an increasing trend. The SOL/USD value is now standing at a $44.1 high, and a further increase is possible if the bullish trend aggravates further. The coin has already gained 2.78 percent value during the last few hours, and the cryptocurrency is reporting an increase in value of 11.60 percent for the past week, despite the fact that the trend has remained bearish for the last three days. The moving average (MA) value is at the $43.7 level for now.

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

The volatility is comparatively low. If we talk about the Bollinger bands indicator, the upper band is standing at $46.4 edge representing the strongest resistance, whereas the lower band is present at $37.9 point representing the strongest support for the crypto pair. The Relative Strength Index (RSI) score has improved because of the recent bullish move, reaching index 55 in the upper half of the neutral zone.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis is going in favor of bulls, as the price followed a strong bullish trend in the past few hours, which will help in maintaining the upwards trend line on the daily charts and diverting the trend line upwards on the 4-hour chart, as the bulls have successfully overpowered the bears. Currently, the cryptocurrency value is standing at $44.1, and it is expected to heighten further in the approaching hours. The moving average value is now lower than the coin value, i.e., $43.6.

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

Whereas the Bollinger bands indicator shows the following values; the upper value is at $47.3, while the lower value is at $41.8. The RSI score has enhanced up to index 49 due to the bullish price movement as its upwards curve hints at the buying momentum in the market for SOL.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis shows strong support for the buyers because of the price rise. The market has been following a bearish trend for the past three days, but today, a considerable amount of improvement in coin value was observed once again. The SOL/USD value now stands at $44.1, and chances of further growth seem quite near as bulls are progressing smoothly.

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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