Solana price analysis for today shows a bullish trend after a period of a market correction. The bearish sentiment of the past couple of days has been reversed as the bulls are pushing for higher prices. The SOL/USD pair is currently trading at around $17.50, up from the day’s low of $16.21. The coin has gained more than 5% in the last 24 hours.
The bulls seem to be in control of the market as the price has managed to stay above the support level of $17.29, established earlier today. However, it is facing rejection near $18.33 and could face a pullback if the bulls fail to break through this level. The buying pressure is currently very strong, and the market could remain bullish if the buying pressure continues.
Solana price analysis 1-day chart: SOL/USD trades above $18 .00 level as market recovers
The daily chart for Solana price analysis shows that the coin has managed to recover from the bearish sentiment of the past couple of days. The selling pressure has been reversed, and the bulls have managed to push the price above the $18.00 level. The market opened today’s session trading at $18.09 and rose to a high of $18.33 before facing rejection near this level, indicating that the buying pressure is strong.
The Relative Strength Index (RSI) currently stands at 36.14, which indicates that the coin is in a neutral zone. The Moving Average Convergence Divergence (MACD) has also entered positive territory, indicating that the bulls are in control of the market. If the buyers continue to push for higher prices, then Solana could reach the $20.00 level in the near term. The moving average indicator on the chart is currently at $19.27, indicating that the coin is still in a bullish trend.
Solana price analysis 4-hour chart: Latest developments and further technical indications
The hourly chart for Solana price analysis is still moving in an upwards direction. The market has formed a high of $18.32 and is currently trading at around the same level. The buyers are still pushing for higher prices, but the market could face a pullback if it fails to break through this level.
The month started with negative news surrounding the coin, but it has since recovered. The technical indicators on the chart suggest that further bullish momentum is likely. The MACD and RSI are both well into positive territory, indicating that the market could continue to move higher in the near term. The RSI value stands at 49.28, indicating that the coin is still in an overbought zone. The moving average indicator has also crossed above the $18 level, indicating an upward momentum.
Solana price analysis conclusion
Overall, Solana price analysis shows that the coin is still in a bullish trend despite facing rejection at $18.33. The technical indicators on the chart suggest that further bullish momentum is likely, and the price could continue to move higher in the near term. The buyers need to break through this resistance level for Solana to reach its next target of $20.00. However, if the bears take control of the market, then a pullback is possible. Therefore, investors should take caution before making any decisions.
