Solana price analysis: SOL bounces back to $36 as consolidation continues

Solana price analysis: SOL bounces back to $36 as consolidation continues
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 increased chance of an upcoming upswing as the bulls are trying to regain their strength. The bullish momentum is now holding up, as the coin value has been sustained near the current price level for the past few days and has just reached $36 point. This is a relatively positive indication regarding the future market events, as the past few weeks were relatively unfavorable for the cryptocurrency. But now, the bulls struggle to regain their position and take the price even higher.

SOL/USD 1-day price chart: 3.27 percent price increase recorded

The one-day Solana price analysis supports the bulls, as the coin is in the consolidation phase, and the market is seemingly recovering from the prolonged bearish wave. The situation is changing for the cryptocurrency, as the bulls are trying to make their way to recovery. They have been able to push the price up to $36, which is appreciable progress and has contributed to a 3.27 percent increase in the coin’s value. More improvement is to follow if the buying momentum intensifies. The price is still below its moving average (MA) value which is $36.6.

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

The volatility is growing, which is a positive hint regarding future market trends. The upper and lower Bollinger Bands Indicator values have changed as well, as now the upper Bollinger band shows a $47.5 value representing the resistance, whereas the lower Bollinger band displays a $32.6 value representing the support. The Relative Strength Index (RSI) score has noticeably improved, i.e., 41, and the upwards curve of the indicator hints at the buying activity in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows surprisingly positive results, as the bulls are continually marking their wins. In the past few hours, the price recovered above $35.7 resistance as the buying momentum accelerated. The price is now touching the $36 peak once again as the bullish trend seems to be extending. A crossover between SMA 20 and SMA 50 was recorded as well. At the same time, the moving average for the four-hour price chart stands at $35.4.

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

The volatility is low, and the Bollinger bands are converging further. If we discuss the Bollinger Bands Indicator’s values, the upper band shows a $36 figure, whereas the lower band displays a $34 figure. The RSI curve trails high as the score moved beyond the center line of the neutral zone, i.e., index 51.

Solana price analysis: Conclusion

The one-day and four-hour Solana price analysis confirms a gain in coin value over the past 24 hours. The bulls are repeatedly hitting the market to maintain the price levels. It will continue for a few days more until the buyers show more support for the cryptocurrency. Right now, the price has slightly improved up to $36, and the hourly price chart also predicts bullish progress.

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.

Related News

Hot Stories

CryptoInvs.com Review: Where Trading And Success Go Hand In Hand - Crypto Invs Review
Bit-century.com review: Answering key questions about this broker - Bit-Century Review
AtlanticHoldingsinv.com Review: Is this an Efficient Forex Broker? Atlantic Holdings Inv Review
Bit-Galaxy.com Review – Everything You Need to Know About Investing in Cryptocurrency!
Ethereum price analysis: ETH spikes to $1,400, swift retrace incoming?

Follow Us

Industry News

What is happening with Nexo?
FTT burn Vs. BNB burn Vs. Shiba burn
Was the Wintermute hack an inside job?
Watch: Inside the Walmart Metaverse 2022
Why should Africa foster blockchain in an emergent economy?