Solana price analysis: SOL/USD is getting ready to test the $34 resistance

Solana price analysis shows significant volatility today, particularly because the market is slightly bullish and because NFTs in the Solana ecosystem continues to thrive. Its price hit a low of 32.22 today and it currently trades at the $33.9 mark.

Crypto heat map
Cryptocurrency heat map by Coin360

Based on the crypto heat map, we can tell that the market is predominantly bullish today as Bitcoin and Ethereum have both marked an increase of 2 percent and 2.8 percent, respectively. We are seeing the other altcoins follow the same trend.

1-day Solana price analysis
Solana Price Chart by TradingView

Solana price analysis for the 1-day gives us a bigger picture of the volatility this currency has been facing lately. It very recently hit a high of $39 before retracing lower again, hence setting a new resistance level around that mark. At the same time, it has not retested the previous support line at $29.9 yet.

For now, it looks like some recovery for Solana is imminent as both the MACD and RSI indicators show some positive action. But let us take a look at what we can expect in the shorter intervals.

Solana 24-hour price movement: SOL/USD continues to be volatile

1-hour Solana price analysis
Solana Price Chart by TradingView

It is Solana’s volatility that makes it an interesting currency for spot traders to invest in. As the 24-hour price movement shows, Solana’s price closed at $32.7 at the start of the day today. Since then, it has gone all the way up to $33.86 as of yet. That is a significant increase.

If we look at 24-hour data for Solana, its market cap has gone up by 5.31 percent while the trading volume went lower by 34.51 percent, bringing the volume to a market cap of 0.04185.

We can see Solana making higher highs and higher lows in the last 24 hours. Hence, it has gone through a slightly bullish rally that does not seem to be stopping. Though, the RSI gives us bad news as the market is already very overbought. Although, the MACD is quite healthy.

There still might be some positive momentum. But overall, much of the momentum has already been juiced out and Solana is ready to dip slightly again.

4-hour Solana price analysis: SOL/USD is about to retest the resistance around $34

4-hour Solana price analysis
Solana Price Chart by TradingView

As the 4-hour Solana price analysis graph shows, SOL/USD is just gearing up to test the resistance around the $34 mark. We can see indications of a positive momentum both on the MACD and RSI indicators. While the RSI is quite balanced with a positive gradient, the MACD shows histograms in the greens with increasing strength.

So, SOL/USD may very well be gearing up to retest the $34 resistance. But will it manage to break through? Considering the fact that it has already had its slight run-up, it is unlikely that Solana will break through just yet.

Solana price analysis: Conclusion

Solana has quite a run today and now it seems to be losing momentum. However, on larger intervals, it looks like it is just ready to test the $34 resistance. But in the shorter intervals, one can expect it to dip ever so slightly. So, this may not be the best time for a quick investment. For the best returns, read our guide on the best crypto to buy now in 2022.