TL;DR Breakdown
- The Solana price analysis is bullish today.
- The resistance for SOL is present at $110.
- Support for SOL/USD is found at $99.4.
The latest Solana price analysis is showing signs of a bullish trend as the price has undergone a significant increase in the last 24-hours. The bullish upswing has resulted in a considerable improvement in the price as it has been upgraded to the $106.2 level. Although the price experienced a downfall for the past two days, today, the trend is in favor of buyers as the bulls have now taken over. The price function might challenge the $110 resistance in the coming hours as well.
SOL/USD 1-day price chart: Price bounces back to $106.2 as an increasing trend follows
The 1-day price chart for Solana price analysis shows the price continues to heighten as bullish momentum continues throughout the day with no bearish intervals seen today. As a result, the SOL/USD price has increased to $106.2 at the time of writing, gaining a value of 12.04 percent over the last 24 hours, and SOL also reports an increase of more than 18 percent in value over the past week, despite the strong correction observed on 2nd February. The trading volume has decreased by 19 percent, but the market cap has increased by 9.46 percent, resulting in the market dominance of 1.90 percent.
The SMA 20 curve is traveling towards the SMA 50 curve, which is a further confirmation of the bullish trend. The Bollinger bands indicator is showing a shift in its values as well, as now the upper band is standing at $145 representing the resistance for SOL, whereas the lower band is at $71, representing the strongest support for SOL/USD. The Relative Strength Index (RSI) score has moved up to index 42 after today’s bullish advancement.
Solana price analysis: Recent developments and further technical indications
The four hours Solana price analysis is dictating a substantial increase in price as the bulls have been leading. A rise in coin value has been detected in the last four hours as well, and the price has recovered up to the $106.5 mark. The price has been advancing in a steady manner for the past 16 hours, and it is expected that it will continue upside for the rest of the day. The moving average is still at a quite lower level, i.e., $100.5 for the 4-hour price chart.
The volatility is relatively high, which hints at the price fluctuations to remain high as well in the future. This has also resulted in the upper Bollinger band reaching $113 point and the lower Bollinger band touching $95 point. The RSI curve is now moving upwards as the score has been uplifted to index 57 due to the continuous buying activity of the last 16 hours.
Solana price analysis: Conclusion
The Solana price analysis shows that an upward price movement has been recorded in the last 24 hours as the bullish momentum has been dominating the market. The price has been following a bullish trend for the past week, and even today, the price jumped up to $106.5 point. The bullish rally is to get stronger in the upcoming hours as both the hourly and daily predictions are going positive. We expect SOL to continue upside today as the bulls aim for a $110 target next.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-02-04/