TL;DR Breakdown
- Solana price analysis shows a bullish trend today
- Strong support for SOL is present at $20.26
- The resistance for SOL/USD is found at $20.95
Solana price analysis is bullish for today as the coin is trading at $20.92, and has surged by over 3.06 percent in the last 24 hours. The bullish trend is driven by strong fundamentals and increased demand for the Solana network. The bulls took the lead following a descending triangle breakout and a double bottom pattern for the previous week, but overall the cryptocurrency price is in the higher price range as the next resistance stands at $20.95, and the support for SOL/USD stands at $20.26. A rise in price has been observed in the last 24 hours as well, which is quite encouraging for the buyers. the 24-hour trading volume is now at $235 million, while the market capitalization for SOL/USD pair is currently at $7.85 billion.
Solana price analysis 1-day chart: SOL price moves upwards to $20.92 after a strong bullish run
The one-day Solana price analysis shows that the buyers are in control, as the bulls have taken the lead and increased their positions. SOL/USD is trading at $20.92 at the time of writing. Solana reports an increase in value of 3.06 percent over the last 24 hours as bulls showed good momentum today.
The moving average convergence and divergence (MACD) show that the cryptocurrency is trading in a positive zone as the MACD line is above the signal line. Further, the 20-day exponential moving average has crossed above the 50-day SMA, indicating that the bulls are in control of the signal line, indicating that the bulls are in control. The Relative Strength Index (RSI) is also in a positive zone at 53.73, indicating that Solana is in an uptrend.
SOL/USD 4-hour price chart: Latest development
The 4-hour chart for SOL/USD shows that the digital asset is trading in a range-bound pattern. The cryptocurrency market has been seeing a lot of positive momentum in the last 24 hours, with most major assets seeing significant gains, the price for the coin has increased by 3.06% in the last day.
The 4-hour Solana price chart shows that the bulls are in control, as the pair is trading above the 10-day and 50-day moving averages. The relative strength index (RSI) has been hovering around 33.48 after the rise in price, but as the price elevation is quite slow, the RSI is also trading at a horizontal line. The Moving Average Convergence Divergence (MACD) indicator is also showing a bullish crossover, which could indicate that the bulls have the upper hand in the market.
Solana price analysis conclusion
Overall, the daily Solana price analysis suggests that the bulls are in control, and a bullish trend is expected to continue over the next few days. If the buyers can break the resistance of $20.95, then the next target for Solana would be $20.98. Investors should keep a close eye on the trend of the Solana price and watch out for any signs of a reversal.
