Solana price analysis: SOL is bullish at the $31 range. Consolidation to continue?

Solana’s price analysis shows that the price has slightly increased today. The coin rejected the downside below the $ 31 level and the bullish momentum helped the price level climb to $ 31.5. SOL / USD has been down for the past couple of days due to the bearish pressure on the market. On the other hand, the current bullish momentum has caused the price to rise again as the cryptocurrency appears to be holding its price level to prevent it from falling further.

SOL / USD 1-day price chart: the bulls define the price curve

One-day Solana price analysis shows that the bulls have hedged a low to the upside of $ 31 to $ 31.5, as the DOL / USD pair is trading at the next value at the time of writing, gaining a value of the 1.23 percent in the past 24 hours, but is down 0.26 percent in value over the past week, as the price has been down for most of the week. Today the trading volume has decreased by 47.4%, resulting in a market dominance of 1.13%.

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SOL / USD 4-hour price chart. Source: TradingView

The volatility for the SOL / USD pair is decreasing as the Bollinger Bands are narrowing due to the smaller price swing in the past few days. Now the upper band is present at $ 41.2, representing resistance for SOL / USD, and the lower band is present at $ 27.4, representing support, averaging $ 34.3.

The Relative Strength Index (RSI) is on an ascending curve in the lower half of the neutral zone at index 36. The RSI is still low but in neutral position; its curve shows increasing buying activity on the market.

Solana Price Analysis: Recent Developments and Further Technical Indications

Solana’s hourly price analysis further confirms the bullish momentum. The price was seen to rise in the last four hours of today’s trading session. However, some traces of bearish activity were also observed as, despite the price having burst to the upside, there is also selling pressure above the current price level.

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SOL / USD 4-hour price chart. Source: TradingView

The volatility on the 4-hour chart is low as the Bollinger bands are forming a tunnel shape and the price is trading near the upper band, which is present at $ 31.9, which represents resistance for the SOL / USD price. The moving average stands at $ 31.1 and the RSI is trading at the 50 index, moving higher in the neutral zone. The RSI hints at buying activity in the market.

Solana Price Analysis: Conclusion

The hourly and daily Solana price analysis provided shows that the bullish momentum is largely defining the price movement, even with more room for further bullish movements. If investor buying continues for the next few hours, the SOL / USD could break out of the consolidation range. If the selling pressure comes into play, the price could return to the $ 30 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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