Solana price analysis: SOL continues bullish flight as price touches $13.30

Solana price analysis

TL;DR Breakdown

  • Solana price analysis shows a bullish bias trend
  • SOL prices have sought support at $12.77
  • Resistance for SOL is present at $13.77

Solana price analysis is bullish for today, as an increase in price up to $13.30 has been observed. The bulls have been successful in crafting a slight upwards trend line for the price function during the last 4 hours, and the trend is the same at the time of writing as well. Although the price touched the $12.77 height earlier today, due to the strong downtrend line, however, the bulls managed to push it up in a short time, and the price is currently hovering around $13.30 USD.

The investors seem to be quite optimistic about the future of Solana, as the price appears to have found strong support at $12.77 USD. The bulls are looking forward to breaking through the resistance of $13.77 USD in order to further increase the prices and make profits for their investment. This could be a great opportunity for day traders to capitalize on this bullish trend and make some profits.

Solana price analysis on a 1-day price chart: Bulls successful in crafting a short-term upwards trend

The 1-day chart for Solana price analysis indicates a bullish trend for the market today, which has been quite unexpected. The price levels have upgraded abruptly, which has provided a push to the bullish price movement. Nonetheless, the increase in price has been surprising as bears were expected to grow in the first place. SOL/USD pair shows an increase in value by 1.01 percent over the last 24 hours as the overall trend has been slightly upwards. 

image 104
SOL/USD 1-day price chart, source: TradingView

The upper limit of the Bollinger bands is present at the $13.77 mark representing resistance for SOL to overcome if the bullish momentum continues. In contrast, the lower band is present at the $12.77 level representing support for SOL. The 24-hour moving average (MA) is currently at, which is present at the 11.59 mark, and the RSI indicator is currently at 38.28 and is rising, which indicates that the market momentum is gaining strength.

Solana price analysis: Bulls continue to dominate as SOL/USD nears $13.30

The 4-hour Solana price analysis shows that the price breakout was upwards at the start of today’s session following the bullish lead. Overall the trend remained upward for the last 4-hours continuously until the coin met strong resistance at the $13.77 level.

image 105
SOL/USD 4-hour price chart, source: TradingView

The volatility has been increasing on the 4-hour chart as the Bollinger bands are expanding, the upper band is present at the $13.83 mark, and the lower band is present at $12.80 for SOL. The MA is present at the $13.25 mark, and the RSI indicator is currently at 64.81 and is slowly rising, which indicates that the bullish momentum may increase.

Solana price analysis conclusion

Solana price analysis concludes that SOL  prices are currently trading in a bullish manner and are likely to move higher in the near term as the bulls remain in control of the market. Both the hourly and the daily technical indicator are currently in a bullish state, and they are indicating that the bulls have the upper hand in the market.

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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