Solana price analysis: SOL value upgrades to $22.53 after a bullish market
The Solana price analysis shows an uptrend in the market, as SOL/USD has surged from $21.80 up to $22.53 in the last 24 hours. This indicates a bullish sentiment for Solana as it approaches resistance at $23.22 and gains momentum for further upside potential. Meanwhile, support for SOL/USD is present at around $22.13, and this is likely to provide a foundation from which the token can continue to rally. The Solana price analysis also shows that the coin has been trading in a tight range since the beginning of today and could break out soon if it maintains its current momentum.
Solana price analysis 1-day price chart: Bulls pursue $23.00 as their next target
The 1-day Solana price analysis indicates a slow bullish momentum. However, the bulls have been dominating the market as they have caused a further increase in the price today. The bulls have taken the price to $22.53, and now the coin shows a 0.32 percent increase in price over the last 24 hours, but on the other hand, the bearish pressure is trying to counter Solana’s uptrend. The trading volume is currently at $627,708,025, and the 24-hour market capitalization is at $8,629,028,120.
The Relative Strength Index shows that the buyers are in control of the market as it is currently at 57.10, which indicates a strong bullish sentiment. The MACD has also been rising since yesterday and is currently above the signal line, which suggests further upside potential for Solana. Meanwhile, the moving average indicator is also above the price action.
Solana price analysis: SOL market shows a continuous uptrend
The 4-hour price chart for Solana price analysis is giving out a bullish signal as well, as the bulls have ruled the price charts for 24 hours consecutively, and just recently, the selling pressure has again appeared as the last candlestick is red. But the bullish lead is still prominent as the balance of power is on the bullish side, and the price is trading in greens. The 50-day moving average is trading at $22.61, and the 200-day MA is at $22.62.
The moving average on the 4-hour chart is currently at $22.52, as the 20-SMA is above the 50-SMA and 200-SMA. The Moving average converges divergence is increasing and currently above the signal line; this could create further buying pressure, which can help SOL/USD reach its next target of $23.22. The current RSI for the 4-hour chart is at 55.51, which indicates that the bulls have strength over the bearish momentum.
Solana price analysis conclusion
Based on the analysis, it is clear that Solana’s price analysis is bullish, and the bulls have gained strong momentum. The current resistance for SOL/USD is present at $23.22, and if the token can break this level, it could extend its upside potential towards $23.50 and $23.80 in the long run. Support for Solana is currently present at around $22.13, which is likely to create further buying pressure in the market. The current technical indicators are also showing bullish signals, which suggests that the bulls have a strong lead over the bears.
While waiting for Solana to move further, see our long-term price predictions on Cardano, Litecoin, and Waves.
