Solana price analysis: SOL rises to $12.45 again, more upside to follow?

Solana price analysis is showing signs of a bullish trend as the price has undergone a significant increase today as well. SOL price capped at $12.38 yesterday, as it broke above the resistance of $12.57, and today the bullish upswing has resulted in a further improvement in the price as its value has upgraded to $12.45 setting a weekly high. The price breakout was upward at the start of today’s trading session, as bulls managed to continue their lead. The price levels are expected to increase further in the coming hours.

The bearish momentum was in play during the previous two days, and it was broken as bulls were ready to take control of the market. Currently, a support level is present at $12.18 and if the SOL price falls below this level, a further decrease is expected. On the other hand, there are chances of an increase in price as well. The bulls may target the resistance of $12.57 again and if successful, the price is expected to rise further.

SOL/USD 1-day price chart: bullish momentum continues above $12.18

The 1-day Solana price analysis shows the price function is upward for today as well. The price has increased and the coin is trading hands at $12.45 at the time of writing. Though the increments in the price level are small but the cryptocurrency has gained a value of 0.71 percent during the last few hours, and the crypto pair also reports an 8.72 percent increase in value over the past week, hopefully, the price will elevate further over the day. The SOL/USD has been unsuccessful in maintaining the price level this week, as the continuous downslide seems to be coming to an end.

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SOL/USD 1-day price chart. Source: TradingView

The EMA lines are also showing a bullish trend, as the short-term EMA line is trading above the long-term EMA line. The Moving average convergence/divergence (MACD) indicator is positive and the RSI is trending in the overbought zone, indicating that the price momentum is currently in favor of the bulls.

Solana price analysis: Recent developments and further technical indicators

The 4-hour Solana price analysis also confirms the bullish trend as a good increase in SOL/USD market value has been detected. Although the bulls controlled the market trends earlier, the bears hindered the price function, as well as a correction, was also observed 8 hours ago. But now the price is covering the range upwards again as it trades near the $12.45 mark.

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SOL/USD 4-hour price chart. Source: TradingView

The technical indicators and oscillators are also in favor of the bulls as the MACD is positive with the histogram turning green, and the RSI is also trading below the 50 levels which shows that the may correct in the nearterm trend is strong. The EMA on the 4-hour chart also supports the bullish trend as the short-term EMA is trading above the long-term EMA line.

Solana price analysis conclusion

The Solana price analysis is bullish today as, despite the correction observed earlier, no further bearish activity has been observed so far. The bulls are controlling the market and the price is trading in a bullish trend, which may continue for some more time before any bearish activity is observed.