The most recent Solana price analysis suggests a strong bullish trend for today, as the coin has raced higher after crashing down at the start of the week. A considerable rise in coin value was detected throughout the day, and the bullish momentum has placed SOL as one of the early recoverers from today’s market crash. Currently, the price has leveled up to $22.26 due to the recent bullish shift. Although the bears were overpowering the market earlier, currently, the situation is going in favor of the buyers. Further intensification in the ongoing bullish wave is expected if the buying momentum gets stronger.
The market for SOL/USD is up by over 33.92% since the start of the day, and it seems like $22.26 is going to be its highest point for today. A considerable resistance level is present at the $24.12 mark, which may cause a pullback if it is not broken in the near future. A few minor corrections are expected, but they will be short-lived. On the other hand, support is present at the $16.52 point, and if it is broken, a major price plunge may be seen.
SOL/USD 1-day price chart: Solana recovers after dipping low
The one-day Solana price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price has broken above the $24.12 resistance in the past few hours. More profit seems to be on its way for Solana buyers as the Further chances of revival seem promising. A new all-time high of $22.26 has been achieved, and investors are hoping for the price to reach even higher levels in the near future.
The 1-day technical analysis for SOL/USD suggests that the MACD indicator is on the bullish side, and the RSI is heading towards the overbought region. The bulls are getting stronger with every passing hour, and investors should keep an eye on their investments. The EMA-50 is above the EMA-200, suggesting a further bullish continuation in the near future.
Solana price analysis: Bulls at the reign on the chart
The hourly Solana price analysis is in favor of the bulls as well, as the coin, after dipping down to $16.52, has rallied toward $22.26. All the recovery has been made during the last 24 hours as the bulls have made a successful return and have helped SOL be the highest gainer among the top 100 cryptocurrencies. This is rather encouraging news for the buyers, as the bears were progressing swiftly in the few days. Furthermore, if we discuss the Exponential moving average, the EMA-50 is well above the EMA-200, hinting toward a more bullish move in the next few hours.
The EMA-9 and the Parabolic SAR indicators are also in favor of the bulls, as both of them have made a U-turn and moved toward the buying side. The MACD indicator is in the bullish zone with the red line below the blue line. The RSI is currently at 69.04 and is moving toward the overbought region, hinting that more price appreciation might be in the cards.
Solana price analysis conclusion
The Solana price analysis confirms that the bulls are having their way and the coin is experiencing a significant price appreciation. The technical indicators suggest that the current bullish momentum will continue in the next few hours. The buyers should, however, be mindful of the resistance levels as they could cause a reversal in case of an extreme price rally.
Source: https://www.cryptopolitan.com/solana-price-analysis-2023-01-14/