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Solana Price Analysis: SOL/USD is bullish for the next 24 hours


www.cryptopolitan.com 05 December 2021 10:30, UTC
Reading time: ~3 m

  • Solana price analysis is bullish today.
  • Rejection was seen at $170.
  • SOL/USD is presently trading at $195.

Today’s Solana price analysis is bullish, as the currency has rejected further downside at $170 after a solid decline in the previous 24 hours. As a result, we may infer that SOL/USD has hit a new low and that the value will rise again over the next 24 hours.

Solana price movement in the last 24 hours: Solana drops further, finds support at $170

The MACD is indicative of a bullish market and is presently in the process of crossing over to the upside, while the RSI is also moving higher, albeit marginally.

The value of SOL/USD is currently sitting at $195, representing a rise of over 10% in the past 24 hours. This may be due to an influx of new buyers entering the market at these lower levels or simply long-term holders taking profits on their positions. Nonetheless, the current trend seems to be bullish, and we can expect this to continue soon.

A further key support level to look out for is $180, a critical support level that could cause a collapse in price should it break down.

SOL/USD 4-hour chart: SOL looks to recover? 

On the 4-hour chart, we can see bullish momentum returning for the Solana price action today as bears are finally exhausted.

SOL/USD 4-hour chart. Source: TradingView

After support was located around $185 last weekend, the Solana price enjoyed significant bullish momentum throughout the week, leading to a rise of over 30 percent. Yesterday, on the other hand, SOL/USD peaked at $244, resulting in a decrease of more than 10% during the second half of the day.

SOL/USD pair fell to a low of $1.2831 during the early hours of trading on Monday, crossing through support at $1.3. It bounced back up into the previous session’s overnight range, but it could not reclaim the area above $1.4 because there was too much selling pressure building in that zone. By mid-day Monday, bears had pushed lower again and tested our most recent low at $185.

The price has started to surge, with a fast rise this morning. The Solana price is currently still in play, and we may expect the value of the cryptocurrency to climb further later today as bulls try to recoup some of the losses incurred earlier.

The RSI is currently at the 50 levels, yet this is not very significant as it has shown no indication that prices are about to reverse.

Today’s Solana price analysis shows that the currency may have hit a new low and may continue to rise over the next few days. We can expect resistance levels closer to $200, followed by $220.

Solana Price Analysis: Conclusion 

The Solana price is in a strong position today, as the $170 level was swiftly rejected this morning. As a result, a new swing low has been established, implying that the price will rise over the next 24 hours.

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.


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