TL;DR Breakdown
- The Solana price analysis is bullish today
- Strong support for SOL/USD is present at $18.96
- The resistance level is seen at the $21.34 level
The most recent Solana price analysis is going strongly bullish today. Some traces of bearish resistance have also been observed, but bulls seem successful in dodging them again and continuing their lead. The bullish momentum is of a considerable magnitude as the price has risen above $19.50 from the level of $18.96 since the start of this week. Currently, the SOL/USD is present at $19.90, and it may be expected that the price will likely move toward the next resistance level of $21.34.
Though the last few days have been critical as the price suffered significantly due to a continuous bearish streak, and the price function remained downwards during the last week. SOL/USD pair gained a value of more than 1.23 percent during the last 24 hours; however, SOL is at a loss of 3.09 percent if we observe the coin’s value over the last seven days.
Solana price analysis: 4-hour chart confirms the bullish move
The 4-hour price chart further validates the strength of the bullish momentum, as the price is going higher toward the next resistance level. The market has formed an ascending triangle pattern as the price is moving toward the upper trend line. The buying pressure is now rolling, and the pattern will remain until the upper trend line is breached. The chart also shows that the price has been moving above the 20-day Exponential Moving Average (EMA), which again confirms a bullish move.
The MACD momentum indicator has also shifted into bullish mode and is likely to remain positive in the near future. The green candles indicate strong buying pressure and forecast further growth in the price of the SOL/USD pair. The RSI (Relative Strength Index) oscillates around 56.51 levels, which implies that the market is trending towards overbought territory but with potential for further growth.
SOL/USD 1-day price chart: Bulls march aggressively as the price nears $21.34
The 1-day price chart for Solana price analysis shows SOL/USD price has recovered well today. The coin has almost reclaimed the losses of the last week as bulls continue their parade toward higher resistance. The support level of $18.96 held firm, and the price is now knocking on the door of the next resistance level at $21.34.
The technical indicators for SOL/USD suggest that momentum would remain bullish as long as the 20-day EMA and 19-day EMA line continues to remain above the 50-day EMA and 100-day EMA lines. The MACD oscillator, which is based on historical data, still favors the selling option due to the bearish trend of the past few days, while the momentum oscillator, which is of keen importance for intraday trading, favors the buying option. The RSI oscillates is at a level of 45.53, implying that the market is nearing overbought territory.
Solana price analysis conclusion
Overall, Solana price analysis suggests that the bullish momentum of SOL/USD is likely to remain strong in the near future and may reach the $21.34 resistance before any bearish move takes place. This would be an ideal time for retailers to enter into a long position and gain profits. However, traders should also keep in mind the bearish trend that may come into play if the resistance level fails to hold, leading to a price drop.
