Solana price analysis: SOL/USD rises to $39.03 after a massive bullish run

Solana price analysis shows a bullish run that has seen the digital asset surge to $39.03 levels. The digital asset had found firm support at the $36.18 level, which saw the prices rebound and start a fresh bullish run. However, SOL prices have faced resistance at the $39.43 level and are currently trading around the $39.03 mark. The Bears might try to push prices lower in the near term, but the bulls are expected to defend the $36.18 support level.

The digital asset in the last 24 hours has increased by more than 5%.In the daily timeframe, the market cap for the digital asset has increased to $13,457,584,627, and the 24-hour trading volume is at $1,720,759,773. Traders should keep an eye on the $39.43 resistance level and the $36.18 support level in the near term.

Solana price analysis on a 1-day price chart: Bullish trend looks to break above 39.43 resistance

The daily timeframe for Solana price analysis shows the formation of a bullish trend line that has been providing support to prices for the last 24 hours. The digital asset in the past few days has seen a strong rally that has taken prices close to the $39.43 resistance level. A break and close above this level would invalidate the bearish trend line and open up prices for a move towards the $42.50 and $45 levels.

image 342
SOL/USD 1-day price chart, Source: TradingView

The digital asset is currently trading around the $39.03 level, and the bulls will look to push prices higher in the short term. The RSI indicator is currently close to the overbought territory, which might see some bearish pressure emerge in the market. The MACD indicator is also currently in bullish territory, and the prices might see some consolidation in the near term. The MA50 has crossed above the MA200, which is a bullish sign for the market which is a bullish sign.

Solana price analysis on a 4-hour price chart: Bulls have won the race after a short-term price battle

The 4-hour Solana price analysis chart shows an uptrend trend as the prices have seen a series of higher highs and higher lows. The digital asset in the past few days has been involved in a tug of war between the bulls and the bears as prices have fluctuated between the $36 and $39 levels. The 4-hour bulls have finally won the race as prices have surged to $39.03 levels.

image 340
SOL/USD 4-hour price chart, Source: TradingView

The technical indicator in the 4-hour timeframe is currently in the bullish territory as the RSI indicator is above the 60 levels. The MACD indicator is also close to the bullish crossover. The MA50 and MA200 are currently in a bullish crossover which is a bullish sign for the market.

Solana price analysis conclusion

Solana price analysis on the 1-day and 4-hour timeframes shows that the bulls are in control of the market as prices move higher. Prices are currently testing the $39.43 resistance level and a breakout above this could see prices move towards the $42.50 level. However, if prices fall back below the $36.18 support level, then prices could move towards the $33.50 level.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.

About the author