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Solana Technical Analysis: Bulls Remain in Control as Prices Break Higher

Analytics

cryptoknowmics.com 06 July 2022 15:26, UTC
  
Reading time: ~3 m

Solana price is increasing, according to the analysis. However, it has encountered resistance at $36.87. At $32.76, there is a lot of support for the currency. The price of Solana is presently trading above $35 and appears poised to continue its rise in the near future. The price of Solana has risen by more than 3% over the last 24 hours and is now worth $35.65. For today, the Solana price analysis is bullish. The currency has found support at $32 and seems ready to continue advancing. It, however, faces resistance at $36.87. According to the Solana price analysis, prices are increasing for the coin. However, it has confronted resistance at $36.87. The majority of the traders are betting on the Solana at $32.76. The price of Solana is presently trading above $35 and appears to be rising further. The near-term Solana prospect is bright, with prices continuing to climb above $35. If the bulls can push prices over the $36.87 resistance level in the coming days and weeks, SOL coin may surge towards $40. However, if the bears take control and drive prices below $32, Solana might retrace some of its recent advances. The current price for Solana is $35.65, up by 3% in the last 24 hours.

Solana Price in the Last 24 Hours

The $36.87 handle has become a significant obstacle for Solana's price to break through, and if the coin succeeds in reaching this level, it could rise even higher toward $40. However, if the price does not successfully surpass this resistance level, we may expect a decline back towards the $32.76 support level. The 50-MA and 200-MA are presently at $34.09 and $33.15, suggesting that a rising path of least resistance is ahead of us. image 41 Source: TradingView The 24-hour SOL price analysis chart for SOL/USD shows that the bulls have taken control of the market as prices currently range above the 50-SMA (Simple Moving Average) and the 200-SMA. The RSI indicator is currently in overbought territory, suggesting that the bulls will take a break soon. If this happens, we might see some consolidation around current levels before prices resume their rise. On the bright side, there is a lot of support for SOL at $32, with a fall below this level likely causing the price to drop even further. In any case, the short-term picture for Solana remains bullish as long as prices stay above $32.

Solana Technical Analysis on the 4-hour Price Chart

The bears have taken a break as the SOL price chart for the previous 4-hours shows, with the currency retreating to its highs. The RSI of the pair is presently overbought, implying that values are about to fall soon. The MACD indicator, on the other hand, continues to remain in a bullish zone, indicating that the bulls have yet to lose control. The 50-MA is rising above the 200-MA, which suggests an increase in optimism. image 42 Source: TradingView

Conclusion

The SOL price is on an upswing. The coin has met resistance at $36.87, but it appears to be on track to rise even more. Like most cryptocurrencies, Solana has an upward trend momentum indicator of over 80 percent and a strong downtrend momentum indicator of 25 percent or more.


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