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Solana price analysis: SOL/USD rallies to $13.92 after a bullish reversal

Solana price analysis

TL;DR Breakdown

  • Solana price analysis shows a bullish market today
  • SOL/USD faces rejection at the $14.14 level
  • Support is still present at the $13.37 mark

Recent Solana price analysis shows that the cryptocurrency has rallied significantly in the last 24 hours, following a bullish reversal. Currently, SOL/USD is trading at $13.92, with an increase of more than 3.17% over the last day. However, the price has faced resistance at the $14.14 level and appears to be having difficulty breaking above this key level.

image 85
Cryptocurrencies price heat map, Source: Coin360

Despite this, support is still present at the $13.37 mark and could help guide the price higher in the near future. Most other cryptocurrencies are also in a bullish trend, indicating that there could be strong upward momentum for Solana in the coming days, With Bitcoin bullish at the $17,321 level and other major cryptocurrencies like Ethereum and XRP also experiencing significant gains.

Solana price analysis for 1 day: Cryptocurrency is on the rise as prices surpass $13.92

The four-hour chart for Solana price analysis shows that, since the cryptocurrency broke past support at $13.37, it has been in an uptrend. For several hours now, bulls have had control over the price chart, leading to significant improvement in prices. The green candlestick is indicative of further bullish momentum as buying pressure intensifies.

image 86
SOL/USD 1-day price chart. Source: TradingView

Currently, the Bollinger bands are squeezed, indicating low volatility. The price is close to the middle line, which shows stability in the market. The Moving averages are above the candlestick bodies, which is a good sign for the Bulls. The RSI indicator is currently at 35.98 and is in the upper-neutral region.

Solana price analysis hourly chart: Recent updates

Solana price analysis indicates that market volatility follows an increasing trend, making Solana prices more vulnerable to volatile changes on either extreme. The upper Bollinger’s band’s upper limit is $14.19, while the lower limit is $0.13.28, with a middle line at $13.95. The Moving average is above the candlestick bodies, which is a good sign for the bulls.

image 87
SOL/USD 4-hour price chart. Source: TradingView

The RSI indicator is currently at 49.90 and meaning that the SOL/USD is stable and falls in the upper-neutral region. The RSI score appears to be following an upward movement signifying an increasing market trend toward further positive dynamics. The RSI score increases because of the dominant buying activity.

Solana price analysis conclusion

To sum up our today’s Solana price analysis, The market is currently in a consolidation phase below the $14 level. However, the bulls are in control of the market as they push the prices higher. The next level of resistance is at $14.14; if the bulls manage to break past this level, we can expect the price to rally toward the $14.30 resistance level. On the downside, the support level is currently at $13.37; breaking below this level could see the price retrace toward the $13.00 support level which could result in bearish momentum.

While waiting for Solana to move further, see our long-term price predictions on Cardano, Litecoin, and Waves.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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