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Solana price analysis: SOL rises above the consolidation level at $32.9. Upside to follow

Solana price analysis: SOL rises above the consolidation level at $32.9. Upside to follow
TL;DR Breakdown
  • The Solana price analysis is bullish today.
  • The resistance for SOL is present at $35.2.
  • Support for SOL/USD is found at $31.4.

The Solana price analysis shows an improvement in the coin value. The price seems to be exceeding its consolidation level as it has recovered up to the value of $32.9. The bulls have been able to lead again after the bears pressured the market unexpectedly yesterday. The bullish momentum was slow yesterday due to bearish hindrances, but it has gained strength today.

SOL/USD 1-day price chart: SOL gains 4.31 percent

In the 1-day candlestick chart for Solana, price analysis shows a good recovery in price levels has been noticed, as the bulls are constantly trying to win back their position. A green candlestick has appeared on the chart, with the price increasing to $32.9. This is an encouraging notion for the buyers, as the price levels have risen above $32.4 resistance. The coin reports a 4.31 percent increase in value for the last 24 hours, and it also shows an increase of 0.36 percent in value if observed over the past seven days. The trading volume has increased by 64 percent today.

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

The moving average (MA), however, is still below the current price level at $31.8. The volatility decreases as the Bollinger bands converge. The Bollinger band shows an average of $33.4, the upper band is at $33.4, representing the strongest resistance, and the lower band is present at the $28.7 level representing the support for the coin.

The Relative Strength Index (RSI) is currently present at an index of 42 in the lower half of the neutral region. The curve of the indicator is upwards, hinting at the buying activity in the market.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis shows a continuous rise in the price after the bulls took control of the situation in the later hours yesterday. The momentum has been strong, and it has taken the price to $32.9. The last trading session has seen resistance from the bearish side, after which bulls have carried out a competition. The moving average (MA) is present at $32.1, below the current price value.

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

The volatility is increasing for the bulls as buyers have entered the market. As the volatility is increasing, the Bollinger bands, after expanding, have been showing the following values; the upper band has gone up to $32.9, whereas the lower band has diverted down to a $30.5 value. The RSI score is 62 at the time of writing, which is in the upper half of the neutral zone, but the curve of the indicator has turned downwards recently on the 4-hour chart as selling pressure is appearing at the current price level.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis shows positive news for the buyers. The bulls seem to be regaining their strength as they have successfully climbed up to $32.9. The market is supposed to exhibit identical results in the future if the bullish momentum continues. The resistance level found at $35.2 is still hard to overcome in the current trading session.

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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