Solana price analysis: SOL returns to $47, eyes $50 resistance next

TL;DR Breakdown

• Solana price analysis suggests an upwards movement to $50
• SOL faces resistance at the $48 mark
• The closest support level lies at $44

The Solana price analysis shows that SOL has initiated a bullish recovery as the price recovered past the $45.00 mark edging close to the $50.00 key level. However, the $48.00 resistance needs to be overcome before SOL can return to $50.

The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include WAVES and ADA recording an 85.61 and a 25.64 percent incline respectively. 

Solana price analysis: SOL recovers $47.00

The MACD is bullish at press time as expressed in the green color of the histogram. Furthermore, the indicator shows significant bullish momentum as observed in the height of the histogram. On the other hand, the histogram’s lighter shade suggests a declining bullish momentum in recent hours as SOL finds resistance in climbing past the $48.00 mark. 

The EMAs are currently trading close to the mean position as the Solana price analysis observes low net movement over the past five days. The two EMAs are currently moving upwards mirroring the recent price action with the 12-EMA moving higher than the 26-EMA as the bullish rally continues. 

The RSI is trading inside the neutral zone and has been trading in it for the past three days. Currently, the RSI is trading above the mean line at 50.00 and hovers near the 60.00 index unit level. The indicator is trading close to the oversold region as buying activity continues. As the RSI continues rising the current position shows there is still room for further upwards movement before it requires a correction. 

The Bollinger Bands were narrow until yesterday but at the press, time show increasing price volatility for the Solana price action. Furthermore, the bands are diverging as SOL returns towards the indicator’s mean line. Currently, the mean line provides support to the bulls at $44.61 while the upper limit acts as resistance at the $48.58 price level. 

Technical analyses for SOL/USDT 

Overall, the 4-hour Solana price analysis issues a buy signal with 10 of the 26 major technical indicators supporting the bulls. On the other hand, only eight indicators support the bears showing low bearish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.

The 24-hour Solana price analysis does not share this sentiment and instead issues a sell signal with 12 indicators suggesting a downwards breakdown against only four indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying activity for the asset. Meanwhile, ten indicators remain neutral and do not issue any signals at press time. 

What to expect from Solana price analysis?

The Solana price analysis shows that after falling from the highs of $55.0 to the $40.0 support level, SOL has finally recovered above the $47.00 mark. However, the bulls still face strong resistance at the $48.00 mark before SOL can return to the $50.00 level.

Traders can expect SOL to continue moving upwards as the price action continues to observe steady bullish movement across the 4-hour charts. While the $48.00 presents resistance to the buyers, the bulls can be expected to breach it by later today or early tomorrow as the price recovers the $50.00 level. If the bulls continue to press on, SOL can be expected to retest the $55.00 level in the next five days.