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Solana price analysis: SOL is bullish at the $31 range. Consolidation to continue?

Solana price analysis: SOL is bullish at the $31 range. Consolidation to continue?
TL;DR Breakdown
  • The Solana price analysis is bullish today.
  • The resistance for SOL is present at $32.4.
  • Support for SOL/USD is found at $30.

The Solana price analysis shows the price has slightly increased today. The coin rejected the downside below the $31 level, and the bullish momentum has helped the price level to rise to $31.5. SOL/USD was on the decline for the past two days as bearish pressure was there in the market. On the other hand, the current bullish momentum has brought the price up again as the cryptocurrency seems to be maintaining its price level to prevent them from sinking further down.

SOL/USD 1-day price chart: bulls define the price curve

The one-day Solana price analysis shows bulls have covered a minimal upwards range from $31 to $31.5, as the DOL/USD pair is trading at the later value at the time of writing, gaining a value of 1.23 percent over the last 24 hours, but is in a loss of 0.26 percent in value over the last week, as the price was on the decline for most of the week. Today trading volume has decreased by 47.4 percent, resulting in the market dominance of 1.13 percent.

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

The volatility for SOL/USD pair is decreasing as the Bollinger bands are narrowing down due to less price oscillation during the past few days. Now the upper band is present at the $41.2 mark, representing resistance for SOL/USD, and the lower band is present at $27.4, representing support, making an average of $34.3.

The relative strength index (RSI) is on an upwards curve in the lower half of the neutral zone at index 36. The RSI is still low but in a neutral position; its curve shows increasing buying activity in the market.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis further confirms the bullish momentum. The price was seen increasing in the last four hours of today’s trading session. Still, a few traces of bearish activity has also been observed, as, despite the price breaking out upwards, selling pressure is also present above the current price level.

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

The volatility on the 4-hour chart is low as the Bollinger bands are forming a tunnel shape, and the price is trading near the upper band, which is present at the $31.9 mark, representing resistance for SOL/USD price. The moving average is found at $31.1, and the RSI is trading at index 50, moving upwards in the neutral zone. The RSI is hinting at the buying activity in the market.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis shows the bullish momentum is defining the price movement largely, still with more room for further bullish movement. If buying from investors continues for the next few hours, the SOL/USD may break above the consolidation range. If the selling pressure kicks in, the price may fall back to the $30 level.

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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