- Solana price analysis shows bullish trend.
- SOL bulls are on the march towards the ATH of 191.
- Resistance is found at $188.
- Strong support is found at $173.
The Solana price analysis is showing bullish colors today, as from the daily charts, it looks like the SOL is going to mark a new record high. The SOL/USD price has remained in the higher price envelope after the previous record high of $191, which has placed the coin to sustain a much higher position gaining significant value. A bulls rally was observed yesterday when the price went steeply up to $177, and bulls continued their march today, taking the price further up.
But as SOL is near an all-time high, some selling pressure is also building up in the market, which is natural at this higher price point. Solana is in a bullish upswing as we know these are bullish months.
SOL/USD 1-day price chart: SOL bulls on march
The 1-day price chart for Solana price analysis reveals a strong bullish streak. The SOL/USD is currently trading hands at $182, as bulls covered an upwards range from $176 to $182 today. SOL/USD pair has gained a value of 17 percent over the last 24 hours and reports a significant gain of 22 percent over the course of the last seven days. The trading volume has surged by 277 percent, which indicates the interest of traders in SOL assets. The market cap also shows a whopping increase of 16 percent, resulting in a market dominance of 2.09 percent.
The volatility for SOL/USD pair is increasing as the Bollinger bands show divergence, which started expanding yesterday when the price took a leap forward, and the expansion still continues with the upper band at $179, representing support as the price is trading above the indicator’s upper limit, and the lower band at $140, making an average at $159. The lower band shows more downwards movement, indicating a pullback may be ahead.
The relative strength index (RSI) is in the upper half of the neutral zone at index 65 on an upwards curve, but the RSI hasn’t entered the overbought limit, and the chances are less for it to leave the neutral region.
Solana price analysis: 4-hour charts and the recent developments
The 4-hour Solana price analysis shows selling pressure has kicked in after a continuous rise in price for 24 consecutive hours, as the price, after going as high as $184, has stepped down to the current price level of $182.
The volatility is quite high on the 4-hour chart, and the price continues to trade above the upper limit of the Bollinger bands, which acts as a support in the current scenario. The moving average is found at the $168 mark, and the RSI is in the overbought region at index 78. But the RSI has taken a downturn, which indicates the current selling activity in the market, giving a sell call.
Solana price analysis: Conclusion
Today’s Solana price analysis suggests that SOL is enjoying the bullish momentum that has been going on for the past few weeks as the overall price trend is upwards, but after the steep jump of yesterday, the SOL bulls might not have the energy left to break above the ATH today, and a pullback is possible in the coming hours before attempting the ATH as the 4-hour chart shows bullish exhaustion.
But there are ample chances for ATH attempt as well in the coming hours, if SOL gets enough consolidation from investors, Sol might discover a new record high. Overall speculations are for a breakout in the coming time.
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