Solana price analysis reveals that the coin has been on an upward trend in the past 24 hours. Prices have managed to push higher, with trading currently above the $32.30 level. There is some resistance around the $32.99 level and a break above this could see prices move higher. However, support is present at the $31.72 level and a break below this could see prices falling back towards the $31.50 region.
The altcoin has seen some strong buying pressure as of late and looks poised to continue its upward momentum in the medium term. Solana prices have been hovering around the $30.00-32.00 level for the past few days and a breakout above this could see prices move towards the $32.00 region in the near term. The 24-hour trading volume is currently around $844 billion and the total market capitalization is at $11 billion.
Solana price action on a 1-day price chart: SOL/USD trades above $32.30
The daily chart for Solana price analysis shows that is currently trading near the $32.30 level, after a strong rally in recent sessions the price has increased by over 0.50 percent in the last 24 hours. The Bulls managed to push the price action above the descending trend line, but still, a major hurdle lies ahead in the form of $32.99 resistance.
The prices have been trending higher in recent days and the RSI indicator is currently at 46.70 which is in the overbought region, meaning that a pullback could occur in the near term. The MACD indicator is also in bullish territory and is currently above the signal line, suggesting that prices could continue to move higher. The coin is trading above the 20-day moving average (MA) and the 50-day MA, which is a bullish sign.
SOL/USD 4-hour price chart: Recent developments
The 4-hour chart for Solana price analysis shows that the bulls have managed to push prices higher after a period of consolidation. Prices are currently trading above the $32.00 level as the market has formed higher highs and higher lows. SOL/USD is trading between the $31.71 and $32.99 levels, with a breakout above the latter needed for further upside.
The RSI indicator is currently at 43.74, which is in neutral territory, suggesting that prices could move in either direction in the near term. The MACD indicator is also in bullish territory but is close to the signal line, offering that prices could consolidate in the near term. The 20-day moving average (MA) is currently at $34.66 and the 50-day MA is at $32.70, both of which are bullish signs.
Solana price analysis conclusion
In conclusion, Solana’s price analysis on both the 1-day and 4-hour timeframe shows that the market is in a bullish trend in the near term. The technical indicators are also in favor of the bulls. So, we can expect prices to continue to rise in the near term with the next target being the $33 level.
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