The Solana price analysis is bullish as it shows the cryptocurrency price has been continuously on the increase for the past few days. The market has been following a bullish trend today as the price reached $35.1, and the bullish trend seems strong. The bulls have been continuously in the lead since 7 September 2022, and the cryptocurrency has gained tremendous value. Next, resistance for SOL is present at the $36.4 mark, where selling pressure might return.
SOL/USD 1-day price chart: bulls mark nine percent gains overnight
The one-day Solana price analysis shows the balance of power is completely on the bullish side as they have made significant gains since the start of the trading session. The crypto pair is trading hands at $35.1 at the time of writing, and the gains are on the higher side as the coin reports an increase of only 9.10 percent in value for the last 24 hours. The weekly gains are also amounting to 13 percent, which is a hopeful indication; the trading volume has also increased by 53.9 percent today. The moving average (MA) is also moving upwards and is present at $32.2, and a crossover with SMA 50 is highly expected in the coming hours.
The volatility for the Solana is mild, as is suggested by the Bollinger, with the Upper band at $36.5 representing the strongest resistance and the lower band at $29.1 representing the strongest support for SOL, making an average at $32.8. The price trades between the mean centerline and the upper limit of the volatility indicator. The relative strength index (RSI) curve is traveling upwards at a steep curve and has reached index 52, hinting at the buying momentum in the market.
Solana price analysis: Recent developments and further technical indications
The 4-hour price chart for Solana price analysis shows price action upwards for the last four hours. The price breakout was in the upwards direction today, and the price is touching the $35.2 level now. Bulls have been in the lead for the past 24 hours, and a small correction was also observed prior to this, which lasted up to eight hours. However, the bulls are taking the price further up at the moment dominating the market.
The volatility is comparatively high on the 4-hour chart as the Bollinger Bands average is forming at $32.6, while the upper band is at $35, and the price has shot above the upper band, the lower band is at the $30.1 mark representing the strongest support level for the crypto pair. The RSI has also entered the overbought zone on the four-hour chart and is showing a score of 72 due to more and more buying activity observed during the past 52 hours.
Solana price analysis: Conclusion
The Solana price analysis shows that the coin is showing strong bullish price action for today. The price has reached $35.1, and further recovery seems possible. We expect SOL to continue moving upwards for today. However, selling pressure may return near the $36.4 level.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-09-09/