Solana price analysis: SOL jumps to $14.10; is the support floor confirmed?

Solana price analysis: SOL jumps to $14.10; is the support floor confirmed?

TL;DR Breakdown

  • The Solana price analysis is bullish today.
  • The resistance for SOL is present at $16.10.
  • Support for SOL/USD is found at $10.63.

The Solana price analysis shows a bullish trend for the market today, as the price has increased significantly. The bulls have succeeded in obtaining the leading position, and the coin has gained stability, as the market trend has turned in an upward direction. Today, a significant increase in coin value was detected as the price recovered up to $14.10. There are high chances that the price will increase further in the upcoming hours. The coin was following a downward trend previously and has lost quite some value since 06 November 2022.

SOL/USD 1-day price chart: bulls divert trend upwards

The one-day Solana price analysis predicts a strong bullish trend for the day, as the bulls have uplifted the price chart today after obtaining support at $13.16. The coin value is growing at the moment as the market has been following an increasing trend. The SOL/USD value is now standing at $14.14, and a further increase is possible if the bullish trend aggravates further. The coin has already gained 4.21 percent of its value during the last few hours, but the cryptocurrency is reporting a decrease in value of 53 percent for the past week. The moving average (MA) value is at the $19.59 level for now.

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

The volatility is quite high. If we talk about the Bollinger bands indicator, the upper band is standing at $42 and represents the strongest resistance, whereas the lower band is present at $10.6 and represents the strongest support for the crypto pair. The Relative Strength Index (RSI) score has improved because of the recent bullish move, but is still trading in the underbought zone at index 29. The RSI will hopefully improve more in the coming hours into the neutral zone as buying continues in the market.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis shows that the trend changed during the last four hours. Previously, the coin was following a bearish trend, with the price decreasing continuously for the last 52 hours, with only minor bullish efforts observed at times. As the bulls have successfully overpowered the bears at the moment, currently, the cryptocurrency value has recovered to $14.21, and it is expected to increase further in the approaching hours. The moving average value is now lower than the coin value, i.e., $13.91.

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

Whereas the Bollinger bands indicator shows the following values; the upper value is at $17.74, while the lower value is at $12.46. The RSI score has increased up to index 37 due to the buying process taking place in the market.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis shows strong support for the buyers because of the price rise. The market has been following a downwards trend for the past three days, but today, a considerable amount of improvement in coin value was observed once again. The SOL/USD value now stands at $14.21, and chances of further growth seem quite near as bulls are progressing smoothly after finding the support floor.

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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