The Solana price analysis shows that the bulls have succeeded in making an impact during the last 24 hours after successfully continuing their lead. A significant amount of recovery in SOL value has been observed as the price has increased up to $43.3 because of the latest upturn. The past week proved extremely beneficial for the overall coin value as the situation has turned favorable for the buyers because of the increasing trend.
SOL/USD 1-day price chart: selling pressure forms again for SOL
The one-day Solana price analysis shows signs of an upward trend as more buying activity has taken place today. The buyers are putting in their efforts to maintain the bullish lead, and the price has been uplifted to $43.3. Although the past week proved quite encouraging for the buyers and the market value of SOL/USD has increased, the past few days have also brought positive consequences as the coin gained around 6.48 percent value over the past seven days, however, selling pressure is forming again in the market. The moving average (MA) value is present at $41.2 above the SMA 50 curve.
The volatility is mild, indicating that there is a lesser chance of the cryptocurrency value jumping high or going steeply down in the coming hours. The Upper Bollinger band value has increased up to $44.8 representing the resistance, whereas the Lower Bollinger band value has moved down to $, 36.7representing the strongest support for the cryptocurrency price. The Relative Strength Index (RSI) score is now touching index 57 after the latest uptrend in price.
Solana price analysis: Recent developments and further technical indications
The four-hour Solana price analysis confirms that the cryptocurrency has followed an uptrend today, but the selling pressure has risen again during the past few hours. The bulls have been leading the market for a while, although a gradual price drop was also observed yesterday. Bulls tried to uplift the price levels today to carry on with their lead and crafted out an upwards trend by rescuing the price to the $43.4 mark. However, currently, bears have brought the price down to $43.3. The moving average value in the four hours price chart has increased to $43.4.
A crossover between SMA 20 and SMA 50 curves was observed a few hours back as the bullish trend has gotten stronger. The Bollinger Bands Indicator is now showing the following values; the upper Bollinger band value is $45.2, whereas the lower Bollinger band value is $38.8. The RSI score is decreasing at the moment as the price is correcting, and the score is 57.
Solana price analysis: Conclusion
The daily and hourly Solana price analysis are supporting the buyers today as a bullish price movement has taken place. The price is on its way to recovery and has increased up to $43.3 because of the upward trend. If the bulls remain persistent, further improvement in the coin value is to follow in the approaching hours; on the contrary, if selling pressure increases, then the coin may revisit the $42 range as the bulls might be feeling exhausted now.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-08-12/