The Solana price analysis predicts an increasing trend for cryptocurrency today. Although the price was facing bearish resistance earlier, the bulls have managed to bring the price to $33.8 in the last 24 hours. The continuation of the green candlestick indicates that the coin value has been increasing once again for the second day. The hourly price prediction confirms similar market trends for SOL/USD, as the price covered upward movement in the past four hours as well. However, the nearest resistance is present at the $34 level, where selling pressure may appear, and bulls will need to show more strength to bypass this local pressure area.
SOL/USD 1-day price chart: SOL gains 3.16 percent
The one-day Solana price analysis gives encouraging news for cryptocurrency buyers, as the price has increased significantly during the day. The coin is currently trading at $33.8 at the time of writing, and chances are there for further increases in price levels if bulls show consistency. The coin has already gained 3.16 percent overnight, which is a big achievement for the bulls; however, the coin is still at a loss of 2.17 percent if observed over the past week.
The price trends have been undergoing constant variation for the past week, but now a continuation of the bullish trend can be seen on the price chart, which started yesterday. The moving average (MA) value is found standing at $34.1 position above SMA 50 curve.
The volatility is relatively on the higher side, Bollinger bands upper value is 36.3 representing the resistance for SOL, whereas the lower value is $29.7 representing the strongest support for SOL price. The Relative Strength Index (RSI) graph shows a very slight upward curve as more buying activity is taking place in the market, and the RSI level has reached index 48 near the centerline of the neutral zone, but the mild upwards curve is hinting at the opposition from the bearish side.
Solana price analysis: Recent developments and further technical indications
The hourly Solana price analysis is also in support of the buyers today as the price has constantly been increasing. The green candlesticks are marking a rise in price over the past four hours. The price has reached near the upper limit of the volatility indicator as the buyers currently control the market trends. Right now, the cryptocurrency value is found trading at $33.8 after gaining significant value. The moving average value in the four-hour price chart is standing at the $33.2 level after crossing above the SMA 50 curve.
The volatility is mild on the 4-hour chart, with the upper band of the Bollinger bands indicator present at the $34.4 mark, and the price is traveling towards the upper band, whereas the lower band is present at the $31.8 mark. The RSI graph shows horizontal movement as the indicator is trading at index 52, hinting at selling pressure building up at the current price level.
Solana price analysis: Conclusion
The given hourly and daily Solana price analysis shows support for the buyers, as a considerable amount of increase in SOL/USD market value was observed today, amounting to 3.16 percent. The green candlestick marks an upgrade in the coin value throughout the past 24 hours. We expect Solana to continue upside down for the coming hours. However, a small correction may also take place as the price is already trading near the upper limit of the Bollinger Bands on the 4-hour chart, and the RSI curve is also flattening out.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-09-18/