Solana price analysis: SOL nears $18, as bulls try to breach past the resistance zone

Solana price analysis: SOL recovers near $18, as bulls try to breach past the resistance zone

TL;DR Breakdown

  • The Solana price analysis is bullish today.
  • The resistance for SOL is present at $24.22.
  • Support for SOL/USD is found at $17.37.

The Solana price analysis predicts a bullish trend for cryptocurrency today. Although the price was facing bearish resistance earlier, the bulls have managed to bring the price to $17.76 in the last 24 hours. The appearance of the second green candlestick indicates that the coin value has been increasing once again for the second day consecutively.

The hourly price prediction confirms similar market trends for SOL/USD, as the price covered upward movement during the day and bulls are trying to uplift the price above the resistance zone, where price is floating at the moment. However, the next major resistance is present at the $24.22 level. But at the moment, bulls will need to show more strength to bypass this local pressure area.

SOL/USD 1-day price chart: bulls face trouble as price oscillations slow down

The one-day Solana price analysis gives encouraging news from the bullish side, as the price has increased significantly during the day. The coin is currently trading at $17.76 at the time of writing, and chances are there for further increases in price levels if bulls show consistency. The coin is reporting gains of 17.14 percent for the last 24 hours due to the fast price oscillation during the previous trading session, which is a big achievement for the bulls; however, the coin is still at a loss of a massive 45.24 percent if observed over the past week.

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

The price levels have undergone serious damage since 6 November 2022, but now a continuation of the bullish trend can be seen on the price chart, which started yesterday. The moving average (MA) value is found standing at $26.38 position which is below SMA 50 curve.

The volatility is on the higher side and is increasing as of now, as the upper arm of the Bollinger bands has stretched up to 40.75 representing the steepest resistance for SOL, whereas the lower arm of the indicator is present at the $17.37 representing the strongest support for SOL price. The Relative Strength Index (RSI) graph shows horizontal movement due to the resistance felt by the coin from the bearish side and the price oscillation has been slow today as the indicator shows a reading of index 32 near the borderline of the underbought zone.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis is also in support of the buyers today as the price has comparatively been increasing today. The green candlesticks that started appearing late night has diverted the price curve in the positive direction again after the price curve breaking out downwards at the start of the trading session.

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

The current correction going on at the moment may change the trend in favor of the bears but the price is already near the lowest price envelope so we hope bulls will takeover again in the coming hours. Right now, the cryptocurrency value is trading at $17.78 after gaining some value. The moving average value in the four-hour price chart is present at the $16.80 level below the current price.

The volatility is high on the 4-hour chart, with the upper band of the Bollinger bands indicator present at the $27.19 mark, and the lower band is present at the $10.42 mark, the price is traveling towards the mean line of the indicator at 18.81. The RSI graph shows slightly downwards movement as the indicator is trading at index 39, hinting at selling pressure building up at the current price level again.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis shows support for the buyers, as a slight increase in SOL/USD market value was observed today, though the increase is amounting to 17.14 percent, but the price oscillation is slow today as bears are providing tough competition. However, the green candlestick marks an upgrade in the coin value throughout the past 24 hours. We expect Solana to continue upside in the coming hours and the price will hopefully break above the $18 mark.

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

Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle
Litecoin price analysis: Bears continue to drive LTC down to $97.82
Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike
US SEC plans to scrutinize crypto advisory firms in 2023
Cardano price analysis: Can the bulls break past the $0.4000 mark?

Follow Us

Industry News

US SEC plans to scrutinize crypto advisory firms in 2023
Former JP Morgan banker heads SEBA's Asia pacific division
Russian bank Gazprombank worried about digital ruble impact on fiat
AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships

Add Your Heading Text Here