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SOL/USD bulls break out of $80; will the trend continue to $90?

Cryptopolitan


TL;DR Breakdown

  • Solana Price Analysis is bullish on the 24-hour chart after a 12.4 percent uptrend.
  • Solana price analysis record a daily trading range of $72 – $83

Solana Price Analysis: General Price Overview

Solana Price Analysis is bullish on the 24-hour chart after a 12.4 percent uptrend that saw the coin touch a swing high of $83 before retracing a few points lower below the $80 support. SOL/USD bulls are trying to break the supply zone between $78 – $80 and flip it into a demand zone. This will help sustain the price of Solana as it rises towards the primary $100 target. 

The majority of the cryptocurrencies are trading bearishly, with Bitcoin, Ethereum, and Cardano losing 2.3, 2.5, and 5.06 percent, respectively. Binance Coin also shed 4.70 percent of its value. Solana is the best performing cryptocurrency with a positive net change of 12 percent. 

Solana price movement in the last 24 hours: Solid uptrend crosses to the $80

In the granted last 24 hours of our Solana price analysis record, a daily trading range of $72 – $83, thereby suggesting increased volatility. The daily trading olume is up by 119 percent, totaling $3.5 billion. On the other hand, the total market capitalization for Solana rose by 12 percent and sums $23.14 billion. Solana ranks at number 10 overall.

4-Hour Solana price analysis: 

On the 4-hour Solana price analysis, the coin has once again hit the $80 mark and is now trying to overcome bears within that region. The next mark on sight is the $83 daily high, where SOL/USD is likely to consolidate in preparation for a rapid dash towards $88 – $90. 

Source: Tradingview.com

Solana has been stuck within the $68 – $85 range in the past few weeks, with bears holding tight against further upsides and the bulls equally protecting the coin from rapid losses. However, Solana has remained one of the most profitable coins across the market. Granted that it did not become much affected by the bear market. 

The general market structure is bullish, with the RSI and the MACD indicating a high possibility of a breakout. We are anticipating Solana to test new support any time soon and focus on its $100 course during the weekend. 

Solana price analysis conclusion 

Solana price analysis is bullish, and we expect a solid breakout into the $83 region in the course of the daily session. The bulls managed to take over the market overnight and are currently in control, a situation that could catapult SOL/USD to $90.

As you wait for Solana to advance further in price, read some of our articles on decentralization, cryptocurrency investments, and our long-term price forecasts.

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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