Solana price analysis shows that the coin’s price is rising. However, it has met resistance at $36.87. There is strong support for the currency at $32.76. The price of Solana is presently trading above the $35 mark and appears set to continue its rise soon. Over the past 24 hours, Solana has increased by more than 3% and is now valued at $35.65.
Solana price analysis is bullish for today. The coin has found support at $32 and looks poised to continue its rise soon. However, it faces resistance at the $36.87 level. The Solana price analysis shows that the coin’s price is rising. However, it has met resistance at $36.87. There is strong support for the currency at $32.76. The price of Solana is presently trading above the $35 mark and appears set to continue its rise soon. Over the past 24 hours, Solana has increased by more than 3% and is now valued at $35.65.
The short-term outlook for Solana remains bullish as the coin continues to trade above the $35 level. If the bulls can push prices above the $36.87 resistance level, we could see SOL prices move towards the $40 level in the coming days and weeks. However, if the bears take control and push prices below $32, we could see Solana retrace some of its recent gains. The Solana price is currently trading at $35.65 and is up by 3% over the past 24 hours.
Solana price movement in the last 24 hours: SOL/USD under bull’s control
The $36.87 handle is now a significant barrier for Solana’s price to breach, and if the coin breaks above this level, it may rise higher toward the $40 mark. However, if the price fails to break through this resistance level, we could witness a drop back towards the $32.76 support level. The daily 50-MA and 200-MA are presently at $34.09 and $33.15, suggesting that an upward path of least resistance is still ahead of us.
SOL/USD 1-day price chart, Source: TradingView
The 24-hour Solana price analysis chart for SOL/USD shows that the bulls have taken control of the market as prices currently range above the 50-SMA (Simple Moving Average) and the 200-SMA. The RSI indicator is presently in overbought territory, suggesting that the bulls may take a break soon. If this happens, we could see some consolidation around the current levels before prices resume their upward march.
On the downside, there is strong support for Solana at $32, and if prices drop below this level, we could see a further sell-off towards the $30 mark. Overall, the short-term outlook for Solana remains bullish as long as prices remain above $32.
Solana price analysis on the 4-hour price chart: Recent price developments
The Solana price chart for the last four hours shows that the bulls have taken a break as the currency has retraced its highs. The pair’s RSI is presently in overbought territory, implying that prices are poised to take a downturn soon. The MACD indicator, on the other hand, remains in the bullish zone, suggesting that the bulls continue to dominate. The 50-MA is breaking above the 200-MA, which is an indication of bullishness.
SOL/USD 4-hour price chart, Source: TradingView
Solana price analysis conclusion
The Solana price development is in a positive bias. The coin has encountered resistance at the $36.87 mark, but it appears to be on track to continue rising soon. As with most cryptocurrencies, Solana has an upward trend momentum indicator of over 80 percent and a strong downtrend momentum indicator of 25 percent or more.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-07-06/