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Solana price analysis: SOL to retest $24.75 resistance as bulls rally continues

Solana price analysis

TL;DR Breakdown

  • Solana price analysis shows a bullish trend for today
  • Resistance for SOL/USD is present at $24.5
  • Support is present at the $22.68 level

Solana price analysis reveals the coin is bullish today as the SOL/USD price is rallying high after the bullish got into momentum today. Previously SOL rejected further upside after peaking at $24.75, but now it appears that bulls are making a comeback and could lift the price to retest the resistance.

On the downside, $22.68 is seen as strong support for Solana. As long as this level holds, further upside could be expected in the near term. However, if the price breaks below this level, then the bearish trend could take over and the price could come under pressure.

SOL/USD 1-day price chart: Bullish momentum revived after a short correction

The 1-day Solana price analysis shows a bullish momentum, and a further price increase is expected in the coming hours as bulls continue putting in efforts. The price has stepped up to $24.75 while gaining 1.17 percent value during the last 24 hours. And the coin reports an increase in value by 42.79 percent over the course of the last seven days. At the same time, the trading volume is currently at $1.61 million, which is a clear sign of bullish sentiment in the market.

image 321
SOL/USD 24-hour price chart. Source: TradingView

The technical indicators on the daily chart suggest the bullish trend is likely to continue. The MACD is showing an upward movement while the RSI has gone up above 69.45 indicating strong buying pressure in the market. The moving average (MA) is at the $18.73 mark, which is also below the price level.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows the coin price function is headed straight upwards from the start of the trading session as bulls regained the lead. The price breakout was upward at the start of the trading session, and bulls are showing steady progress. The moving average (MA) is trading at $23.209 above the SMA 50 and below the current price level.

image 322
SOL/USD 4-hour price chart. Source: TradingView

The relative strength index (RSI) is trading in the upper half of the neutral zone as the indicator trades at index 71.60, but the curve is horizontal, which hints at the selling pressure building up. The MACD indicator is also showing a bullish trend, with the red line crossing above the blue line, which is a sign of a bullish trend in the market.

Solana price analysis conclusion

Solana price analysis is clearly bullish for today. The SOL/USD is covering a range upward today after yesterday’s bullish initiative. We expect SOL to continue improving in the coming hours as the bullish momentum seems strong. On the other hand, the SOL/USD crypto pair may feel some resistance as the price is trading near the $24.75 resistance level.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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