Solana price analysis today shows that SOL/USD is currently trading at $16.19, up sharply from its lows of $13.52 set earlier this week. This surge in price has been driven by strong bullish momentum and is likely to continue its upward trajectory in the near term. The SOL/USD pair has surged by over 21.04% in the past 24 hours, with strong buying pressure driving the price higher. However, if the buying pressure increases, SOL/USD could hit resistance at $16.65, which is an all-time high for the pair.
SOL/USD 1-day price chart: Bulls continue to push prices higher as the coin hits $16.19
The 1-day Solana price analysis shows that the market has been in a strong uptrend since early today as it climbed to the current high at $16.19. Solana prices have been stuck in a tight range between $13.52 and $16.65 for the past 24 hours as bulls are in control of the market. Further recovery is possible in the coming days if the bullish momentum extends.
The 50 -day moving average is currently flat, and the 200-day moving average is still rising, which indicates that the long-term trend is still bullish. The RSI is currently below 50, which indicates that the market has some room to move higher before becoming overbought. The MACD line is currently above the signal line, which indicates that the market is in a strong uptrend.
Solana price analysis on a 4-hour price Chart: SOL/USD trades above $16.19
On the 4-hour chart, Solana price analysis, we can see that the market has formed an ascending parallel channel and is currently trading at the upper boundary of the channel. Prices have recently broken out of a symmetrical triangle pattern which is a bullish sign. The market is expected to retrace back to the $16.65 level before resuming its upward move.
The RSI on 4-hour is currently at 66.37, which is in the overbought region and indicates that the market might be due for a correction. The MACD line indicator is currently above the signal line, indicating that the market is in a strong uptrend but is losing momentum. The 50-Moving average and 200-moving averages are both still rising, which indicates that the long-term trend is still bullish.
Solana price analysis conclusion
To conclude, the Solana price analysis shows that the market is in a bullish trend as the price is expected to surge higher in the coming days. The market will find it difficult to sustain these levels. However, the overall market sentiment is bullish. The technical indicators are in favor of the bulls, which indicates that further upside is possible in the short term.
While waiting for Solana to move further, see our long-term price predictions on Cardano, Litecoin, and Waves.
Source: https://www.cryptopolitan.com/solana-price-analysis-2023-01-09/