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Solana price analysis: SOL recovers $14.00 as bulls take charge

Solana price analysis

TL;DR Breakdown

  • Solana price analysis suggests an upward movement to $14.50
  • The closest support level lies at $13.46
  • SOL faces resistance at the $14.13 mark

The Solana price analysis shows that the SOL price action has climbed to the $14.00 mark as bulls take hold of the market. 

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 AVAX and DOT, recording an 6.41, and a 2.97 percent incline, respectively.

Solana price analysis: SOL returns to $14.00

image 269
Technical indicators for SOL/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. Moreover, the indicator shows stron bullish momentum as observed in the tall height of the histogram. Furthermore, the indicator’s darker shade suggests that the bullish momentum is still growing as the price approaches the $14.00 resistance level.  

The EMAs are currently trading around the mean position as net price movement over the last ten days remains low. However, as the two EMAs diverge further, the 12 EMAs started to rise above the mean position reflecting the recent positive movements. At press time, both EMAs are headed upwards suggesting strong buying activity. 

The RSI has been trading in the neutral region for some time but it was trading above the mean level for the past 14 days. Now, the index has risen to the 62.08 unit level where it hovers momentarily. The indicator issues no signals at the moment while the horizontal movement suggests a struggle for dominance between the bulls and the bears. 

The Bollinger Bands are expanding at the momentum to facilitate the recent bullish rally. However, the price faces resistance at the $14.00 mark which may cause the asset to start consolidating again. At press time, the indicator’s mean line provides support at $13.46 while the upper limit presents a resistance level at the $14.13 mark.

Technical analyses for SOL/USDT

Overall, the 4-hour Solana price analysis issues a buy signal, with 14 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, ten indicators sit on the fence and support neither side of the market. 

The 24-hour Solana price analysis does not share this sentiment and issues a sell signal with 10 indicators suggesting a downward movement against seven of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while significant buying pressure persists for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time

What to expect from Solana price analysis?

image 268
4-hour price chart by Tradingview

The Solana price analysis shows that strong bullish momentum enabled the bulls to raise the price to recover to the $14.00 mark. However, the bulls face short-term resistance at a level that may make things difficult for the buyers. 

Traders should expect SOL to move up toward the $14.50 mark where the key resistance lies. Traders can expect a bullish breakout to the $15.00 region as the mid-term technicals show a shift towards a bullish market. However, in case of a bearish reaction at the $14.00 level, the price can be expected to drop to the $13.60 level continuing the consolidation

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 decision.

 

 

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.

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