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Solana price analysis: SOL is bullish at $14.3

Solana price analysis: SOL is bullish at $6.8

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest resistance is present at $8.
  • The strongest support is present at $6.4.

Solana price analysis shows rising signs as the market shows massive upside potential. The bulls have regained their control of the Solana market, which will change the course of the market for the better, and SOL now expects the bullish period to take over in the next few days. However, the bears will do everything they can to regain control. As a result, the SOL price has experienced extremely increasing dynamics in the last few hours.

The market shows the price of Solana rose yesterday to the $13 mark but spiked soon after to $14. Solana continues a positive movement. However, the next day, Solana’s prices declined and reached $14.3. SOL currently trades at $14.3; SOL has been up 2.20% in the last 24 hours with a trading volume of $289,183,828 and a live market cap of $5,185,990,776. SOL currently ranks at #16 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

Solana price analysis illustrates that the present condition of the market demonstrates bullish potential as the price moves upwards. Moreover, the market’s volatility follows a decreasing movement, making the cryptocurrency less susceptible to volatile change on either extreme. As a result, the upper limit of Bollinger’s band rests at $14, serving as the strongest resistance point for SOL. Conversely, the lower limit of Bollinger’s band is present at $13, serving as a support point for SOL.

The SOL/USD price travels over the Moving Average curve, indicating the market is following a bullish movement. However, as the market experiences decreasing volatility today, the Solana price has less room to preserve the positive trend. However, the SOL/USD price seems to move toward the retraced resistance, signifying an increasing market with consistent dynamics.

image 455
SOL/USD 1-day price chart Source: TradingView

Solana price analysis reveals that the Relative Strength Index (RSI) score is 55 making the cryptocurrency enter the inflation region. Furthermore, the RSI score moves further upwards, indicating that the buying activity dominates the selling activity while moving towards further inflation.

Solana price analysis for 24-hours

Solana price analysis has experienced a fluctuating movement in the last few days. However, with the volatility decreasing. Moreover, as the volatility declines, it makes the value of the cryptocurrency less vulnerable to change. As a result, the upper limit of Bollinger’s band rests at $19, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of Bollinger’s band rests at $9.3, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are closing in, indicating decreasing volatility with massive chances of maintaining a positive trend. Hence, the price moves upwards towards increasing characteristics.

image 454
SOL/USD 1-day price chart Source: TradingView

The Relative Strength Index (RSI) score appears to be 36, showing the cryptocurrency’s extremely low value. It falls in the devaluation region. However, the RSI score follows a linear movement signifying a consistent market and gestures toward constant dynamics. The dormant RSI score indicates buying activity is equal to the selling activity.

Solana Price Analysis Conclusion

Solana price analysis shows bullish momentum and further bullish opportunities. Moreover, the bulls have shown their deterrence and might take control of the market soon for the long term as the market shows massive signs of any change. Therefore, according to this analysis, Solana is expected to have a promising future, with the bulls taking the bears completely out of the picture.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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