According to the Solana price analysis, SOL/USD is currently rising after seeing a steady fall since November 16, 2022. Today, bulls are attempting to increase the coin’s value, raising it to $13.12.Although the gains are still modest, the positive momentum has greatly benefited the buyers as the coin is currently recovering and the declining trend has temporarily stopped. Currently, bulls are attempting to overcome the resistance at $13.15; however, selling pressure is also evident at this level.
SOL/USD 1-day price chart: Bulls in the lead once again
The one-day Solana price analysis shows the cryptocurrency price has been advancing today, which is a moment of encouragement for the buyers. The price has been elevated up to $13.12 in the last 24 hours, gaining only one percent of its value during the last 24 hours; however, the bulls have been maintaining their upper position proficiently.
The price movement is toward the moving average (MA) value, which is at the $13.68 level for the one-day price chart. The continuous bearish trend observed during the last four days has deteriorated the coin’s value to a greater extent as the cryptocurrency reports a loss of 6.21 percent for the past seven days.
The volatility has been high, with the upper value of the Bollinger bands at $38.56 representing resistance and the lower band at the $3.65 mark representing the strongest support. At the same time, the Bollinger bands average forms at the $21.10 mark above the price level, and the indicator as a whole shows a downward breakout, hinting at the possibility that the prices may remain in the lower price envelope for the coming days, even if they do not decrease further.
The Relative Strength Index (RSI) score is still in the undersold region, but the indicator has reached near the border of the neutral zone at index 29, with its upward curve indicating the buying activity in the market, and it can improve further if the buying momentum continues.
Solana price analysis: Recent developments and further technical indications
The hourly Solana price analysis shows a continuation of the green candlesticks appearing on the chart as the price has been increasing for the past 16 hours. The bullish momentum has been slow, but it has been providing support to the price function over the past few hours, and the price has been progressing upwards until the last hour. Currently, it is at the $13.15 mark. The moving average is trending below the SMA 50 curve and the current price level while being present at $12.91.
The Bollinger Bands indicator in the four-hour price chart maintains the average value of $13.34. whereas its upper value is present at the $14.31 mark and its lower value is at the $12.37 position, as the indicator shows mild volatility for SOL. The RSI score is increasing again as the price is going up again due to the recent bullish activity in the market. The RSI indicator shows a reading of 41, which is a neutral figure on the 4-hour chart.
Solana price analysis: conclusion
According to the hourly and daily Solana price analysis, bulls are pushing the price higher and have made some gains in the last 16 hours towards $13.15; We expect SOL/USD to continue increasing its value today. However, a correction may also start as the price is near the first layer of local resistance and a major breakthrough is not expected during the current trading session.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-11-20/