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Solana price analysis: SOL prices escalate towards $90.73 as bulls continue ruling

Solana Price analysis

TL;DR Breakdown

  • The Solana price analysis is bullish
  • Key resistance for SOL/USD is at 100
  • Solana prices have sought support at $86
Solana price analysis: SOL prices escalate towards $90.73 as bulls continue ruling 1
Cryptocurrency prices heatmap, source: Coin360

The Solana price analysis shows the bulls are ruling the market, with the token consistently hitting new highs. While some are concerned about a potential bubble, others see the potential for even further growth. Solana price analysis shows SOL prices are trading at $90.73 at the moment of writing recording an increase of 6.96 percent in the last 24 hours.

The Solana prices have seen resistance at $100 in the past 24 hours. However, all these levels were breached to the upside as prices surged higher. The bulls are in control of the market and there is no sign of them losing steam anytime soon. The next level of resistance to watch out for is $105.On the other hand, the bears appear to have a solid foothold and may soon swallow the market. The price of SOL has plummeted from $90 to $85, and it has remained there.

Solana price movement in the last 24 hours:Solana prices starts to open

The Solana prices have been trading low in the last few days. Furthermore, since volatility is kept at bay, price fluctuations are comparable to those seen in volatile markets. The 200-day moving average has emerged as the primary support, with $100 serving as a significant barrier for SOL. As a result, the Bollinger band’s upper limit is set at $100, which serves as the main resistance for SOL. The lower end of the Bollinger band, on the other hand, sits at $74, offering SOL some resiliency.

Solana price analysis: SOL prices escalate towards $90.73 as bulls continue ruling 2
SOL/USD 4-hour price chart, source: TradingView

The MACD indicator on the other hand has crossed the signal line to the upside and is exhibiting a bullish momentum. The RSI is also in the overbought zone, indicating that the bulls are in control of the market. The bullish sentiment is likely to continue in the short-term as long as $86 holds as support. However, a break below this level could see SOL prices drop to $74 in a short while.

Solana price analysis on 4 hour chart:SOL prices likely to break higher

The 4-hour chart for SOL shows that the token is in a bullish trend. The price of SOL is currently trading above the 200-day moving average and has breached the $100 resistance. A break above this level could see prices reach $105 in the short term. On the downside, the main support is at $86 with a possible break below this level could see prices drop to $74.

Solana price analysis: SOL prices escalate towards $90.73 as bulls continue ruling 3
SOL/USD 4-hour price chart, source: TradingView

The MACD indicator is currently in the bullish zone and is indicating a buying momentum. The RSI, on the other hand, is also in the overbought zone and is indicating that there is room for price appreciation in the near term. The upper band of the Bollinger bands is acting as the current resistance while the lower band is providing support at $86.

Solana price analysis conclusion

The Solana price analysis is bullish. Key resistance for SOL/USD is at 100 while the main support lies at $86. The bulls are in control of the market and a break above $105 could see prices surge to new highs. However, a break below $86 could see prices drop to $74 in a short while. The bears will have a chance if they succeed in proving themselves qualified; they might even swallow the whole market. This may be conceivable if the price breaks through support.

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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