TL;DR Breakdown
- Solana price analysis upwards movement after brief rest at $22.50
- The closest support level lies at $22.50 and further below at $22.00
- SOL faces resistance at the $23.00 mark
The Solana price analysis shows that the SOL price action was rejected at the $23.00 mark and is returning to the $22.50 mark where it finds short-term support.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include BTC and ETH showing a 1.74 and a 1.37 percent incline, respectively.
Solana price analysis: SOL rejected at $23.00
The MACD is currently bullish as expressed in the green colour of the histogram. Moreover, the indicator shows a steady bullish momentum at the press time as observed in the height of the histogram. However, the darker shade of the indicator suggests a decreasing bullish momentum as the price finds resistance at the $23.00 mark.
The EMAs are trading close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading close to each other showing low bullish momentum at press time. On the other hand, the diverging EMAs suggest a slowly increasing bullish momentum.
The RSI has been trading in the neutral region for the past seven days as the price action traded around the $22.00 mark. At press time, the indicator trades near the mean point at the 59.22 index level as the price suggests slight bullish dominance with the downwards slope suggesting a decreasing bullish pressure at the current price level.
The Bollinger Bands are currently wide as the price action observes moderate volatility across the short-term charts. However, as the price moves back to the $22.50 mark, the bands will show convergence. At press time, the bands’ lower limit provides support at the $21.15 mark while the upper limit presents a resistance level at the $22.96 mark.
Technical analyses for SOL/USDT
Overall, the 4-hour Solana price analysis issues a buy signal at press time with 15 indicators supporting the bulls. On the other hand, only two of the indicators support the bears showing a reasonable bearish presence. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Solana price analysis shares this sentiment and also issues a buy signal with 14 indicators supporting the bulls against only two supporting the bulls. The analysis shows bullish dominance across the mid-term charts with a low bearish presence at the current price level. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.
What to expect from Solana price analysis?
The Solana price analysis shows that the Solana market is currently in a bearish rally as the price action observed a breakdown from the $26.00 mark to the $20.50 price level. However, the bulls made some recovery and the price has risen back to the $22.70 mark.
Traders should expect SOL to observe sideways movement at the current price level before the price action continues its upward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bearish and bullish trends respectively. Currently, the price can be expected to move to $22.50 before finding a strong support level.
