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Solana price analysis: SOL/USD consolidate near $96, a breakout coming next?

sol

TL;DR Breakdown

  • Solana price analysis indicates a bearish trend for today’s analysis
  • The current support has been seen at $95.14
  • There is firm resistance at $103.47
Solana price analysis: SOL/USD consolidate near $96, a breakout coming next? 1
Cryptocurrency prices heatmap, source: Coin360

Solana prices analysis shows that SOL/USD pair opened today’s daily market with a bearish trend, a retracement from the bullish trend that had been witnessed during the closure of yesterday’s market. Solana’s current price is $96.27, registering a decline of 3.28 percent from its previous prices. The 24-hour volume also registered a decline of 18.49 dropping to $3,076,961,196.65.As per Solana price analysis, the prices have been moving at a range of $94.04 to $98.98 in the last 24 hours.

These declines might be a result of the bearish market that is currently being experienced by the entire market. The analyst expects the Solana to recover and reach its previous highs in the next few days. The main resistance level is at $100.47 while the main support level is at $95.14.

Solana prices are expected to recover to bullish trends as bulls try to push prices back to the former highs. The analyst believes that bulls are still in control of the market and that the current declines are only a minor correction before the next bull run.

Solana price analysis in the 24 hours chart: SOL/USD price slightly slips to $95

Solana price action in the 24-hours chart shows a downtrend that is being experienced by the market. The downtrend was started at the beginning of the day and has been continuing throughout most of it. The bulls were not able to push prices back up to the former highs, as they have been experiencing a lot of resistance. The analyst believes that the downtrend will continue for the rest of the day, with a possible breakout to the upside if bulls manage to take control of the market.

Solana price analysis: SOL/USD consolidate near $96, a breakout coming next? 2
SOL/USD 1-day price chart, source: Trading view

The MACD line is in the negative territory and is below the signal line, indicating that the bears are currently in control of the market. The RSI is also in the oversold region, which shows that there is a lot of selling pressure in the market. The Stochastic Oscillator is also in the oversold region, indicating that a reversal might be imminent.

The analyst believes that the bull run is not over and that a reversal might be seen in the next few hours. The Bollinger bands are also in the expansion mode, which indicates that a big move is expected soon.

Solana 4-hour chart analysis: SOL/USD prices consolidate at $100.24, bulls are gathering to recover the market

The Solana price analysis in the 4-hour chart shows that the market is in a consolidation phase. The market has been bouncing between the two MAs and is currently stuck in between them. The analyst believes that this is only a temporary phase and that the market will eventually break out to the upside. The bullish breakouts will be confirmed if the price manages to break above the resistance level at $100.47.

Solana price analysis: SOL/USD consolidate near $96, a breakout coming next? 3
SOL/USD 4-hour price chart, source: TradingView

The MACD line is in the positive territory and is above the signal line, indicating that the bulls are currently in control of the market. The RSI is also in the overbought region, which shows that there is a lot of buying pressure in the market. The Bollinger bands are indicating a bullish breakout in the near future.

The Stochastic Oscillator is also in the overbought region, indicating that a reversal might be imminent. The analyst believes that the bull run is not over and that a reversal might be seen in the next few hours. The main resistance level is at $103.47 while the main support level is at $97.14.

Solana price analysis conclusion

The analyst expects the Solana to recover and reach its previous highs in the next few days. The main resistance level is at $103.47 while the main support level is at $97.14.Solana prices are expected to recover to bullish trends as bulls try to push prices back to the former highs. The analyst believes that bulls are still in control of the market and that the current declines are only a minor correction before the next bull run.

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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