Solana price analysis: Bulls are on the move once more, pushing SOL to a $25.34 peak

Solana price analysis

TL;DR Breakdown

  • Solana price analysis shows an uptrend today
  • Resistance for the coin is present at $26.41
  • Support for the cryptocurrency is present at $21.43

Solana price analysis is going bullish for today as it reveals that the price has been following an upward movement since yesterday, as the bulls have constantly been striving for the lead. Bulls have finally dodged the ongoing bearish trend as the coin was on the decline previously. Still, bulls succeeded in taking control, and the price has increased up to the $25.34 level as a result of the continuous efforts. Further increase in price is to be expected in the approaching hours as well.

SOL/USD 4-hour price chart: Solana  (SOL) price analysis shows an uptrend at $25.34

The 4-hour price chart for Solana price analysis shows a considerable increase in SOL/USD price has been observed during the last few hours. The price has started to recover again as a result of the constant bullish efforts. The SOL/USD has made high highs in today’s trading session and currently, the pair is trading above $25.34.The technical indicators are also supporting the bullish trend of the coin as they are showing strong buying pressure.

image 439
SOL/USD 4-hour price chart, source: TradingView

The MACD line is moving up with a positive slope with an orange line over the blue line. The RSI is also in favor of a bullish trend as it has entered the overbought zone, which means the buying pressure of bulls seems to be strong. Additionally, the 50-day and 200-day moving averages are also going up, supporting the bullish trend. The current resistance level of SOL/USD is at $26.41 and the support level is found at $21.43. The bulls have to continue their efforts for a greater price increase in the upcoming sessions and make sure that they surpass the resistance levels and maintain their support levels.

Solana  price analysis 1-day price chart: SOL value recovers up to $25.34

The 24-hour Solana price analysis shows that the price has been following an increasing trend for the past two days. Although the trend was in favor of bears previously, now the circumstances have changed, and the overall trends have been in favor of the buyers. A significant increase in Solana value has been recorded in the last 24 hours, as well as the price moved up to $25.34 gaining 19.04 percent value today. The gains are on the lower side as a correction was also observed at the end of the previous trading session, but the gains may increase over the day.

image 440
SOL/USD 24-hour price chart, source: TradingView

The 50-day and 200-day moving averages are also going up, which is supporting the bullish trend of the coin. The 50-day is currently at $22.83 and the 200-day is at $25.54, indicating a healthy increase in price over time. The MACD line is also following a positive trend as it crossed above the 0-level and currently trading over the signal line with a positive slope. The RSI indicator is currently at 74.26, which shows that the market is in balance and there are no extreme conditions prevailing.

Solana price analysis conclusion

Solana price analysis shows a bullish trend for the cryptocurrency, as bulls are taking control of the market and pushing SOL/USD pair up to new highs. The technical indicators have also shown favorable conditions for a further increase in price as they seem to be supporting the uptrend. Support levels will have to be maintained by the buyers if they want to observe a significant gain in the next few hours as well.

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.

Related News

Hot Stories

Hermes wins NFT trademark lawsuit against MetaBirkins
Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle
Litecoin price analysis: Bears continue to drive LTC down to $97.82
Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike
US SEC plans to scrutinize crypto advisory firms in 2023

Follow Us

Industry News

US SEC plans to scrutinize crypto advisory firms in 2023
Former JP Morgan banker heads SEBA's Asia pacific division
Russian bank Gazprombank worried about digital ruble impact on fiat
AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships

Add Your Heading Text Here