TL;DR Breakdown
- The Solana price analysis is bullish today
- Strong resistance is present at $20.63
- Support for SOL is present at $18.02
Solana price analysis shows a strong uptrend in the price action as bulls gain seven percent more. The SOL token is trading at $19.40, which is seven percent higher than the lowest of the day at $18.02.The bulls have made a massive move in the last 24 hours and are currently pushing for higher prices.
The chart is further showing strong resistance at $20.63, which was touched earlier today after the strong bullish move. And if bulls are successful in taking out this level, a further increase toward $22.00 can be seen. The support for SOL is present at $18.02, which has been holding strong in the last few hours. However, if it breaks below this level, a further downward movement may be seen.
SOL/USD 1-day price chart: Bulls successful in pushing prices higher
The daily Solana price chart shows that the bulls have made a successful move in the last 24 hours and have pushed prices above the $19.40 resistance level. The previous week the SOL/USD market has been in the consolidation phase, and prices have been hovering around the $17.00 to $18.00 range. However, today bulls have made a strong move higher, but it remains to be seen whether they can sustain these prices or not.
The technical indicators are showing an uptrend with no sign of a sell-off yet.RSI is currently reading at 41.98, indicating that the market is in the overbought zone. The MACD histogram is also in the green zone and is signaling a further increase in price. The 20-SMA is also heading higher, indicating that the bullish momentum can sustain in the coming days. The price also traveled above the moving average (MA) yesterday, which is present in the $19.27 range.
Solana price analysis 4-hour chart: The buying pressure is still intact
The 4-hour Solana price analysis chart shows that the buyers are still in control, as more than 90% of the market is in the green zone. The buying pressure is also still intact as buyers are pushing for higher prices and pushing SOL above the $19.40 resistance level. The market has formed a bullish flag pattern, which signals that the bulls are still in control.
The RSI is currently reading at 53.67, indicating that the market has not yet reached its overbought zone. The MACD histogram is also in the green zone and is signaling a further increase in price, while the MACD line and the signal line are both in the positive zone. The 50-MA and 200-MA are also heading higher, signaling that the uptrend can sustain in the coming days. The moving average is currently at $18.87 prices.
Solana price analysis conclusion
The Solana price analysis is bullish today, and the bulls are pushing for higher prices. The technical indicators are all signaling an uptrend, with no sign of a sell-off yet. The strong resistance at $20.63 needs to be broken in order to see a further increase in prices, while the support level resides at $18.02. If the buyers are successful in pushing prices above the resistance level, we could see a further increase toward the $22.00 level.
