Solana price analysis: SOL jumps to $23.57 as bulls regain control
Solana price analysis is moving in positive territory as the bulls take control and push it to $23.57, up 8.90% in the last day’s trading session. Following a strong rise in recent days, the strong buyer sentiment on Solana has been reflected in its price action today.
The buying pressure is strong at the current levels, and the bulls are looking to push SOL/USD higher. The resistance is present at $23.61, which, if broken, can lead to a further move up in price. On the downside, support is found at $21.59, which should be watched closely as any break below this level could signal a retracement.
SOL/USD 1-day price chart: Cryptocurrency value jumps high to $23.57 top
The one-day Solana price analysis supports the bulls, as the market was seemingly recovering from the prolonged bearish wave last month. The situation is changing for the cryptocurrency, as the bulls are trying to make their way to recovery. They have been able to push the price back to $23.57 high, which is appreciable progress. More improvement is to follow if the buying momentum intensifies. The price is still below its moving average (MA) value which is $21.02.
The Bollinger bands are also pointing towards an increasing bullish pressure for SOL/USD. The upper Bollinger band is gradually increasing as it stands at $23.59, indicating the presence of strong resistance. The lower Bollinger band is also increasing, currently at $17.44, which is positive and shows a steady rise in buying pressure. The RSI value is currently at 60, which is neutral and shows that the market may be consolidating before making further progress.
Solana price analysis: Bullish rally continues as price advances to $23.57 peak
The hourly price for Solana price analysis shows surprisingly positive results, as the bulls are continually marking their wins. In the past few hours, the price covered many high points as the buying activity rose. The price is now touching the $23.57 peak once again as the bullish trend seems to be extending.
The moving average (MA) is also pointing toward a strong bullish rally, as the MA value is $22.38. The RSI value is at 65.86, indicating that the buying pressure is still present in the market, and the bulls are making their way to go higher. The Bollinger bands show a steady rise as well, with the lower band currently standing at $20.25 and the upper band at $23.65.
Solana price analysis conclusion
Overall, Solana’s price analysis shows an improving picture, and the bulls seem to be in no mood to slow down anytime soon. However, caution is advised for users as the price could retrace once the buying pressure eases off. Therefore, traders should make sure to set appropriate stop losses if they wish to hold on to their investments.
