Solana price analysis shows that the bulls have taken control of the market as prices surged past the $31.37 level. The market is expected to continue this uptrend as long as the support at $30.51 holds. However, the bears may stage a comeback if prices fail to break past the resistance at $31.84. The SOL/USD pair is currently trading at $31.37 and is up by 0.06 percent on the day. The market capitalization has reached $10 billion, and the 24-hour trading volume has reached $597 million.
Solana price analysis on a 1-day price chart: Bullish trend looks to break above $31.84 resistance
The 1-day Solana price analysis chart shows that the market has been in a bullish trend for the last 24 hours after prices surged past the $31.37 level. The bulls may attempt to push prices higher and break past the resistance at $31.84 in the near future. The prices are trading in an ascending triangle pattern, which is a bullish pattern. The triangle pattern is formed when the price is making higher lows and lower highs. This pattern generally resolves itself to the upside, which means that the bulls are likely to push prices higher in the near future.
The 5O MA is above the 10O MA, which indicates that the bulls are in control of the market. The RSI is also in bullish territory, which further confirms that the bulls are in control of the market. The 20-day EMA is also above the 50-day EMA, which is another confirmation of the bullish trend in the market. This indicates that the bulls are gaining strength and are likely to push prices higher in the near future. Overall, the technical indicators are all signaling that the market is in a bullish trend and is likely to continue moving higher.
SOL/USD 4-hour price chart: Recent developments
On the 4-hour chart, Solana prices analysis has formed a bullish flag pattern. This is a continuation pattern that indicates that the current uptrend is likely to continue. The bears may attempt to push prices lower in the near future, but the bulls are likely to defend the $30.51 level, which is the bottom of the flag pattern.
The RSI is in bullish territory, which indicates that the bulls are in control of the market. The RSI is currently at 60, which is close to the overbought region. This indicates that the market may be due for a correction in the near future. However, the bulls are likely to defend the $30.51 level, which is a key support level. The 50 MA is at $30.75, which is also a key support level. The 200 MA is at $29.87, which is another key support level.
Solana price analysis conclusion
In conclusion, Solana’s price analysis on both the 1-day and 4-hour timeframe shows that the market is in a bullish trend in the near term. The technical indicators are also in favor of the bulls. So, we can expect prices to continue to rise in the near term with the next target being the $32 level. The bulls are currently in control of the market as prices have been trading above the 31-level.
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: https://www.cryptopolitan.com/solana-price-analysis-2022-09-02/