Solana price analysis is showing bullish signs once again after an extended period on the sidelines where price crashed to a 3-month low at $26.06. SOL has been subject to bearish dominance largely since July 2021 which has pushed price down almost 88 percent from the all-time high of $259.90. The trend over the past week saw SOL price drop further towards support at $25.83 along with the crashing cryptocurrency market. However, bulls now seem to have regained control once again with the “Ethereum-killer” trending upwards with the $35.83 resistance in sight from the current trend at $32.26.
The larger cryptocurrency market recorded uptrends across the board to signal a relief from this week’s crash, as Bitcoin consolidated above $21,000 and Ethereum rose 3 percent to rise above $1,100. Among major Altcoins, Ripple rose 4 percent to $0.31, the same as Cardano to $0.50. Dogecoin recorded a 10 percent jump to reach $0.05, while Tron also rose 10 percent to sit at $0.06. Polkadot trended 5 percent upwards and Litecoin 3 percent to move up to $7.47 and $45.94, respectively.
Solana price analysis: SOL moves into narrow consolidation zone on daily chart
On the 24-hour candlestick chart for Solana price analysis, price can be seen forming an uptrend after a distinct decline. Over the past 24 hours, SOL price gained more than 11 percent to reach as high as $35.71 and looks to regain that level by the end of today’s trade. Trading volume over the past 24 hours rose by 44 percent, indicating increased interest in the market for SOL by buyers and sellers alike. The 24-hour relative strength index (RSI) can also be seen forming a favourable uptrend in market valuation for Solana at 35.23 and is expected to rise further till price corrects.
The $35.62 resistance is the immediate target for SOL price which sits along the crucial 50-day exponential moving average. However, price is currently oscillating within a narrow zone between support at $25 and resistance at $35.62. This is also indicated by the moving average convergence divergence (MACD) curve that sits along the neutral zone. While bulls will be looking to drive past resistance up to the $48.14 level, the lack of a clear trend may propel sellers to take control and shift price below support at $17.21 due to lack of liquidity.
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