Solana (SOL) crypto price exhibited a notable upward movement last month, gaining more than 50% in value from $15.66 on June 10, 2023, to $25.94 on July 14, 2023. SOL price prediction is bullish, but the price is close to the key resistance of $32 and the buyers are attempting to break it.
Currently, SOL price is trending above the level of 50 and 200-Day moving averages which obtain an optimistic sentiment for the trader.
SOL price rose by 41.99% in the last seven days and it can be said that the performance was excellent last week. SOL declined by -89.01% from its peak price of $259.96 in a span of 12 months. However, the current market sentiments are looking positive.
The 4H chart looks promising, with a visible bullish crossover. The MACD indicator is upbeat. However, both the MACD line and the signal line are above zero. The RSI is 84.85 and the 14-SMA line is 65.98, both in the overbought region, showing that the market is extremely bullish.
Solana Price Technical Analysis
The price of Solana has been above the 50-day and 200-day MAs, which indicates that the price is in an uptrend. There is a chance that the values will grow even further in the upcoming week if the buyers continue to drive the price up.
The MACD confirms the positive trend. The MACD line at 1.95 and the signal line at 1.10 are above the zero line, suggesting that the MACD is in a positive region.
The RSI is at 83.59 and the 14-SMA line is at 66.47, close to the overbought zone. The 14 SMA line is beneath the RSI line and moving up, indicating that the market sentiment is bullish.
Technical Levels:
- Support – The current support levels are $26.69 and $24.00.
- Resistance –The current resistance level is $32.57.
Conclusion
SOL crypto price exhibited a notable upward movement in the previous month, gaining more than 50%. However, the price action indicates that it might increase more in the future if it breaks its primary trendline resistance slightly. SOL price shows a bullish scenario at the moment as it trades above its 50-day and 200-day moving averages. Major reliable indicators like EMA, RSI, and MACD are giving positive signals about Solana (SOL) right now, suggesting that the momentum is strong and the trend is intact.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/14/solana-sol-price-prediction-for-july-august-2023-rally-is-on/