SOL spikes $20.66 after a bullish run – Cryptopolitan

Solana price analysis shows a bullish trend for today. The digital asset is currently trading at $20.66 and shows signs of a breakout from the descending triangle pattern it has been trading in the last few days. The buying pressure has been strong and the asset has managed to break out from the downward trend.

The current resistance for SOL/USD is set at $20.71, however, a breakout above this level could see it moving toward the $21 mark. On the downside, there is strong support at $20.27 which should prevent it from falling further.

The 24-hour market cap for Solana is currently at $7.99 billion, with an increase of about 1.74 percent indicating healthy demand for the asset. The trading volume for the digital asset is also at an impressive $155 million, placing it among the top 10 crypto assets by market cap.

Solana price analysis for 1-day chart: Bulls in control as SOL/USD tests $20.66

The daily chart for Solana price analysis is displaying positive highlights for the bulls to further strengthen their growth. The past few days the SOL has brought damage to cryptocurrency a lot, but the price chart has seen recovery today. The price levels have climbed again to $20.66, with a gain of 4 percent on the day, which is a massive hit considering the disappointing trends during the past few days.

There is still a long way till the current price touches the Moving Average (MA) value which is $20.76. The Bollinger bands are in a widening phase and suggest a potential short-term rally in the price. The upper Bollinger band is currently at $22.30 and the lower band is at $19.63, suggesting a wide range of support and resistance levels. The Relative Strength Index (RSI) is moving in the bullish region and is currently situated at 48.17 which indicates the buyers’ strength in the market.

Solana price analysis: Resistance level of $20.71 is the next focus for bulls

The 4-hour Solana price analysis shows signs of commendable recovery for cryptocurrency, as the price levels overcome bearish momentum. Today, bulls have been able to successfully trail past the $20.00 level and reach a high of $20.66. The market opened at $19.86 and traded in a broad range of $19.81 to $20.66 after that. The green candles indicate that buying pressure is still in the market, as buyers continue to buy the dip.

The Relative Strength Index (RSI) is currently at 49.39, which indicates that the buyers are in control of the market. The four-hour Bollinger bands are expanding, which suggests volatility and a possible breakout. If the bulls manage to break past the resistance of $20.71, then we can expect further gains in SOL/USD in the near future. The upper Bollinger bands are currently at $21.17 and the lower band is at $20.21, which indicates that there is considerable support in the market.

Solana price analysis conclusion

Overall, Solana price analysis shows that SOL/USD has seen a strong recovery today after a bearish run over the past few days. The bulls remain in control and if they manage to break past the resistance of $20.71 then we can expect further gains in the near future. The technical indicators are all showing positive signs and the market is likely to stay in an uptrend.