SOL/USD consolidating below $31.37 as bulls warm up ahead of rally

Solana’s price analysis shows that the bulls have taken control of the market as prices have risen above the $ 31.37 level. The market should continue this bullish trend as long as the support at $ 30.51 holds. However, the bears could stage a comeback if prices fail to break out of the overhead resistance at $ 31.84. The SOL / USD pair is currently trading at $ 31.37 and is up 0.06 percent over the course of the day. Market capitalization reached $ 10 billion and 24-hour trading volume reached $ 597 million.

Solana price analysis on a 1 day price chart: the uptrend seems to break out of the resistance of $ 31.84

The 1-day Solana price analysis chart shows that the market has been in an uptrend for the past 24 hours after prices have risen above the $ 31.37 level. The bulls may attempt to push prices higher and break out of the overhead resistance at $ 31.84 in the near future. Prices are trading in an ascending triangle pattern, which is a bullish pattern. The triangle pattern forms when the price is making higher lows and lower highs. This pattern generally resolves to the upside, which means that bulls are likely to push prices higher in the near future.

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1-day price chart SOL / USD, source: TradingView

The 5O MA is above the 10O MA, which indicates that the bulls are in control of the market. The RSI is also in bullish territory, which further confirms that the bulls have control of the market. The 20-day EMA is also above the 50-day EMA, which is another confirmation of the market’s bullish trend. This indicates that the bulls are gaining strength and will likely push prices higher in the near future. Overall, the technical indicators are all signaling that the market is in an uptrend and is likely to continue to rise.

SOL / USD 4-Hour Price Chart: Recent Developments

On the 4-hour chart, Solana’s price analysis has formed a bullish flag pattern. This is a continuation pattern which indicates that the current upward trend is likely to continue. The bears may attempt to push prices lower in the near future, but the bulls are likely to defend the $ 30.51 level which is the bottom of the flag pattern.

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SOL / USD 4-hour price chart, source: TradingView

The RSI is in bullish territory, which indicates that the bulls have control of the market. The RSI is currently at 60, which is close to the overbought region. This indicates that the market could undergo a correction in the near future. However, the bulls are likely to defend the $ 30.51 level which is a key support level. The 50 MA is at $ 30.75, which is also a key support level. The 200 MA is at $ 29.87, which is another key support level.

Conclusion on Solana’s price analysis

In conclusion, Solana’s price analysis over the 1 day and 4 hour period shows that the market is in an uptrend in the short term. Technical indicators are also favorable to the bulls. Hence, we can expect prices to continue to rise in the short term with the next target being the $ 32 level. The bulls are currently in control of the market as prices have been trading above the 31 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.

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