Solana price analysis: SOL price overtops $47 as bulls gain strength

The Solana price analysis is bullish for today, as an increase in price up to $47.5 has been observed. The bulls have been successful in crafting an upwards trend line for the price function during the last few days, and the trend is the same for today as well. Although the price touched $48.4 height earlier yesterday, due to the strong resistance present at this level, the price function reverted back, but the crypto pair has managed to continue moving in the positive direction. However, the next resistance is present at the $49.5 level for the bulls to encounter.

SOL/USD 1-day price chart: Bulls successfully take the lead back after a correction

The 1-day Solana price analysis shows an increase in price for today as well as the coin is trading at $47.5 at the time of writing. SOL/USD pair shows a decrease in value by 0.40 percent over the last 24 hours regardless of the overall price increment, which is due to the hourly correction observed yesterday. On the other hand, the coin reports a profit of 18.93 percent over the past week as the overall trend has been steeply upwards. The trading volume has decreased by more than 41 percent, and the market dominance has been noted to be 1.40 percent.

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sol 1 day 6
SOL/USD 1-day price chart. Source: TradingView

The volatility is increasing, as now the Bollinger bands are diverging, hinting at an increase in volatility in the future. The upper limit of the Bollinger bands has traveled to the $47 mark while the price is trading slightly above it, while the lower band is present at the $36 level representing the strongest support for the cryptocurrency, and the mean average of the indicator is present at the $41.7 mark below the moving average (MA) which is present at the 43.1 mark.

The relative strength index (RSI) is present at index 64, trading at an upwards curve hinting at an increase in the buying activity in the market as regardless of low trading volume, the sentiment towards SOL is still positive.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows that the price breakout was upwards at the start of today’s session following the bullish lead. Overall the trend remained upwards for 16 hours continuously after the correction. The price has been recorded covering a range downwards during the last four hours as well; even the bulls seem to be gaining strength.

sol 4 hour 7
SOL/USD 4-hours price chart. Source: TradingView

The volatility has been increasing on the 4-hour chart also as the Bollinger bands are expanded, and the indicator has taken an upwards breakout which is a bullish indication for the future. The upper band is present at the $48.3 mark, representing resistance for SOL, and the lower band is present at $41.5 representing support for SOL. The RSI is present at index 68, just near the border of the overbought limit, and the upwards curve of the RSI hints at the increase in buying activity.

Solana price analysis conclusion

The Solana price analysis shows that the coin has recovered significantly during the past few days, and the most improvement was observed in the last four hours when bulls started marching aggressively. We expect SOL/USD to re-attempt the $49.5 resistance in the coming hours today.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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