Solana price analysis: SOL rebalances at $31.8 as bulls recharge their momentum


The Solana price analysis is going bullish for today as it reveals that the price has been following an upward movement today, as the bulls have constantly been striving for the lead. Bulls have finally dodged the ongoing bearish trend as the coin was on the decline previously. Still, bulls succeeded in taking control after the steep correction observed yesterday, and the price has increased up to the $31.8 level as a result of the continuous efforts. Further increase in price is to be expected in the approaching hours as well.

SOL/USD 1-day price chart: SOL gains 0.56 percent after bullish revival

The one-day Solana price analysis shows that the price has been following an increasing trend for today. Although the trend was in favor of bears previously, now the circumstances have changed, and the overall trends have been in favor of the buyers. A significant increase in SOL/USD value has been recorded in the last 24 hours, as well as the price moved up to $31.8 at the time of writing. The gains are on the lower side if compared to the loss incurred in the previous trading session, but the gains may increase over time.

sol 1i
SOL/USD 1-day price chart. Source: TradingView

Despite the previous bearish trend, the SMA 20 curve has been traveling higher than the SMA 50 curve. The moving average (MA) is relatively at a stable position, i.e., $31.5, just above the price level. The previous decrease in volatility has adjusted the upper Bollinger band value to $36.2, representing the strongest resistance, and the lower Bollinger band value to $29.5, representing the strongest support. The Relative Strength Index (RSI) score has also increased to the index 44 levels as the upwards curve of the indicator hints at the buying activity in the market.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis shows a considerable increase in SOL/USD price has been observed during the last 16 hours. The price breakout was downwards, but it started to recover again and, as a result, kept on increasing for 12 hours consecutively, which defined the trend for today. However, selling pressure is forming again, and the price is currently correcting but at a controlled pace, settling at the $31.8 level.

sol 4g
SOL/USD 4-hours price chart. Source: TradingView

The moving average is trading at a downslope on the 4-hour chart at the $31.8 level. Now the Bollinger band’s average is at $32.4 point, whereas the upper Bollinger band is resting at $34.1, the lower Bollinger band is at $30.7, and the price is trading between the lower band and the mean average line. The RSI curve has covered upward movement today as well, but the curve has flattened at the moment at index 42.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis confirms an uptrend for the day, as the price has undergone a significant increase in the last 24 hours. Bulls have been leading the price charts for most of the day, and an upward tendency has been shown by SOL/USD. A further increase in price should be expected as the hourly price chart is also showing positive signs.

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.



Source link

Share