Solana price analysis: SOL recovers the $30 level as bulls blaze through

Solana price analysis

TL;DR Breakdown

  • Solana price analysis suggests movement upwards to $34.00
  • The closest support level lies at $30.00
  • SOL faces resistance at the $32.00 mark

The Solana price analysis shows that the price has finally broken above the $30.00 resistance level and rapidly approaches the $32.00 mark. 

The broader cryptocurrency market observed a positive market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include ETH and DOT, recording a 9.21 and a 6.92 percent incline, respectively.

Solana price analysis: SOL returns to $30

Technical indicators for SOL/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. The indicator was showing low bullish momentum until the price suddenly observed a spike at 12:00 UTC today. Now the indicator shows strong bullish momentum and the dark shade of the histogram suggests an increasing buying activity at press time.  

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. However, as the two EMAs turn upwards, the bullish activity is expected to increase, with the 12-EMA diverging from the 26-EMA. Currently, the EMAs suggest increasing buying pressure as the price breaks above the $30.00 mark.

The RSI was trading in the oversold region a few days ago as the index dropped below the 30.00 index unit level. Since then, the indicator moved back up towards the overbought region and has climbed above the 70.00 index unit level issuing a sell signal. On the other hand, the vertical slope of the indicator suggests further upwards movement in the short term.

The Bollinger Bands were converging recently as the price action was consolidating around the $28,00 mark. However, as the price broke above the $30.00 mark, the Bollinger bands started diverging sharply. The indicator’s mean line provides support at $28.62 while SOL trades above the upper limit. 

Technical analyses for SOL/USDT 

Overall, the 4-hour Solana price analysis issues a buy signal, with 15 of the 26 major technical indicators supporting the bulls. On the other hand, only two of the indicators support the bears showing a low bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Solana price analysis shares this sentiment and also issues a buy signal, with 10 indicators suggesting an upward movement against six indicators suggesting a downward movement. The analysis shows the bullish dominance across the mid-term charts while showing signifcant selling pressure for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time. 

What to expect from Solana price analysis?

4-hour price chart by Tradingview

The Solana price analysis shows that after failing to rise above the $29.00 mark, SOL was returning to the $28.00 mark before the markets observed a strong bullish push causing the price to break above the $31.00 mark. The bullish momentum across the wider cryptocurrency market enabled SOL to recover to the $32.00 mark.

Traders should expect SOL to continue moving upwards as the bulls take over the markets. Currently, the price can be expected to rise to the $34.00 mark before finding significant resistance. Over the next few days, SOL can be expected to trade between $32 and $34.00. 

[the_ad id=”48512″]

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

Related News

Hot Stories

Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Coinbase blames Apple's new policies on disabled NFT transfers
Request Price Prediction 2023-2031: Is REQ a good buy?
Russian bank infuses metamask into its blockchain
Bitcoin price analysis: BTC slowly forms consolidation around $17,000,looks to break higher

Follow Us

Industry News

Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain
OpenSea ends 2022 with major partnerships and $1B in NFT royalties
Dealbook interview: New York Times continues to defend SBF & FTX collapse
Terra’s Do Kwon former colleagues targeted by the  latest arrest warrant

Add Your Heading Text Here