Solana price analysis shows that the bulls have been in control of the market since the beginning of today. The price has seen a slight retracement from its all-time high but found support near the $36.56 level. The coin is currently trading just below the $39.23 resistance level and may soon break out to test the $40 mark, while on downward corrections, the $36.56 support level may provide some cushion. The cryptocurrency is trading at $38.35 at press time and has seen a slight uptick of 1.12% over the past 24 hours. The digital asset has a market cap of $13,223,323,358 and a 24-hour trading volume of $1.4 million.
SOL/USD 4-hour price chart: Solana retraces from highs as bulls take a breather
The recent Solana price analysis shows that the coin has reached an all-time high of $39.23 but faced minor profit-booking at this level, which resulted in a retracement. However, the price found a strong support near the $36.56 level and bounced back sharply to its current trading range.
The RSI indicator is currently in the overbought zone and may face some selling pressure if it drops below the 70 levels. The MACD indicator shows sustained bullish momentum as the signal line is above the histogram. The 50-day and 200-day simple moving averages are placed well above the current price levels, which indicates strong bullish momentum in the market.
SOL/USD 1-day price chart: Bulls successful in crafting a short-term upwards trend
On the 1-day chart, Solana has formed a short-term upwards trendline, which is currently providing strong support near the $37.50 level. The price may bounce back from this support level in case of any bearish pressure. The bulls are currently aiming for a breakout above the $39.23 resistance level. The 24-hour market for Solana suggests that the buying sentiment is quite strong in the market as the buyer’s volume is currently above the seller’s volume.
The Relative Strength Index (RSI) score follows a similar narrative as it is currently well above the 50 levels, which indicates strong buying pressure in the market. SOL/USD price appears to be crossing over the Moving Average Convergence Divergence (MACD) line, which is a bullish sign. In addition, the 50-day SMA is well above the 200-day SMA, which is another bullish sign for the market.
Solana price analysis conclusion
Solana price analysis concludes that the market looks bullish as the price has formed a short-term upwards trendline. The bulls are currently aiming for a breakout above the $39.23 resistance level and text the $40 mark in the near term. However, any bearish pressure may lead to a retest of the $37.50 support level. From the above one-day and four-hour technical indicator charts, it can be concluded that the market is in a strong uptrend and any bearish pressure may be short-lived.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-07-08-2/