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SOL hits $119 and sets higher low on the daily chart

Cryptopolitan


TL;DR Breakdown

  • The SOL/USD pair is 2.28 percent up on our daily Solana price analysis
  • 24-hour Solana price range between $103 – $115
  • The bulls are more focused on sustaining the $100 psychological support.

The SOL/USD pair is 2.28 percent up on our daily Solana price analysis after a hectic day of bearish momentum. Bulls came out strongly to defend the $110 support and went ahead to steer a rally which was rejected slightly below the $120 price mark. Buyers are advised to anticipate a continuation of the 24-hour rally in the upcoming session as we approach the close of the day. 

As of this writing, the general cryptocurrency market is bullish. The majority of the coins hae recorded daily gains of more than 3 percent. Bitcoin improved by 3.40 percent, while Ethereum is up by 8 percent. Polkadot and Cardano surged by 4.67 and 3.20 percent, respectively. 

Solana price movement in the last 24 -hours: Wide range suggesting high volatility 

We recorded a wide daily range on our 24-hour Solana price analysis between $103 – $115, which suggests increasing volatility.  The trading volume is down by 34 percent to a total of $7.5 billion, while the market capitalization rose by 1.30 percent to a sum of $33.28 billion. According to data from Coin Market Cap, Solana is position #4 among the top ten altcoins by market cap. 

4-hour Solana Price Analysis: Bulls clearing path to $130

Solana is currently trading at $114 on the 4-hour chart, and the bulls are attempting to activate an uptrend past the $115 minor support and retest Monday’s swing high of $117. 

Source: Tradingview

The bulls are more focused on sustaining the $100 psychological support as they prepare to hit two upper targets at $132 and $140. 

Take profit traders might affect the medium-term outlook of the price, but there are many chances that Solana price action could rally higher and new higher lows.

Solana has been quite bullish for the better part of the last three months. The coin was least affected by the market crash in May, which crashed most of Solana’s competitors in the Layer 1 smart contracts category. 

The relative strength index (RSI) is trending at the 46 leel and pointing upwards, suggesting the market is biased against sellers and showing more opportunities exist for buyers before entry into the neutral zone. As of this writing, Solana is trading at $114 against the US dollar

Solana Price Analysis: Conclusion

Solana is enjoying an envious position as the best performing altcoin in the market presently. The short-term and long-term outlook of the coin’s price is positive, and we can’t wait for the next All-time high. Today’s Solana price analysis is bullish, and therefore you should expect an increase in the price action over the next 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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