Solana price analysis shows a strong bullish comeback for SOL/USD after it reached a weekly low of $20.81 on the previous day. Since then, the pair has gained more than 5 percent in value and is currently trading above the $22 level. The bearish pressure has been ruling the market for some time, but the bulls are gaining strength and pushing the price up.
The bulls have managed to break the $22.28 resistance level and are aiming to move beyond the $23 level. If the bulls manage to break this resistance, then the next major target will be around $25 where the upside could be limited by a strong bearish pressure.
Solana price action on a 1-day price chart: Bulls are dominating the market
The daily chart for Solana price analysis shows a bullish trend for SOL/USD after a strong bullish comeback. The week started on a strong bearish note, but the bulls managed to regain control and pushed the price up. The bulls and bearish have been locked in a tight battle for the last few days, but it seems that the bulls are finally winning.
The bullish efforts have taken the price levels near the Moving Average (MA) value of $22.21, which is a sign that the bulls are in full control of the market. The SOL/USD price appears to be crossing over the Moving Average curve as the prices are trading well above the MA50 and MA200 curves. The MACD indicator is also displaying a bullish signal as the MACD line is trading above the signal line. The Relative Strength Index (RSI) is currently at 51.08, which indicates that the bulls are managing to keep the momentum in their favor.
Solana price analysis 4-hour price analysis: Latest developments
Solana price analysis on the 4-hour timeframe shows that the prices are currently trading inside an ascending channel. This is a bullish continuation pattern that typically signals further upside potential in the market. The green candle that appeared on the 4-hour chart is also a sign of bullish momentum, indicating more buying pressure in the market.
The Stochastic RSI indicator is also giving a bullish signal as it is trading above the 50 levels, indicating more buying pressure. The MACD indicator is still showing a bullish crossover, which indicates that the bulls are still in control of the market. The histogram bars on the MACD indicator have also turned green, indicating that the bulls are in full control of the market. The moving average indicator is currently at $21.43, which is a sign of bullish momentum.
Solana price analysis conclusion
Overall, Solana’s price analysis shows that the prices are likely to remain in an uptrend and further upside could be expected in the near term as long as the bulls manage to maintain control of the market. The latest developments appear to suggest that SOL/USD is likely to continue its upward momentum and test the $23.00 level.
