TL;DR Breakdown
- Solana has activated lots of long-green candlesticks on the daily trading chart
- At the time of writing, Solana is trading at $34.2050 against the US dollar
Solana Price Analysis: General price analysis
Solana and like almost all other altcoins today are correcting near Monday’s rejection at $35. The coin has activated lots of long-green candlesticks on the daily trading chart. These candles serve as a green light for market participants to wake up from yesterday’s sell signal and identify potential take-profits in the next 48 hours.
Besides, the market has been within the red zone for quite a while and any developments are good for the bulls. Solana’s choppiness index indicates little fluctuations in the next 12-hours and ought to be within $32.9 – $37.0 price ranges. Over the last 24 hours, trading volumes have risen by 7 percent and accumulated a whopping $9 billion in market capitalization. Making Solana the 14 altcoin by total cap.
The coin already broke from last week’s resistance triangle and capped the 200-simple moving average (SMA). Solana’s immediate support stands at the 100-simple moving average at $29 and any break below here will open the gate for a low correction to $26.5. Which marks last week’s price levels.
Solana price movement in the last 24 hours
Solana’s bollinger bands are quite intact on the 24 hours indicating little volatility. The MACD is bullish with the blue line crossing above the red line. The coin’s trading volume is above $310 billion and the bulls are pushing towards higher gains above $34.
The intraday low sits at $32.90 while the intraday high stands at $34.178. You can spot how narrow the daily range has remained since the begining of the day.
Solana 4-hour price chart
At the time of writing, Solana is trading at $34.2050 against the US dollar. The Relative Strength Index is downslopping from the neutral region into the overbought zone and currently points at 40. The $35 price level is acting as the main resistance after the bulls managed to overpower a week-long price hurdle at $32. Should Solana break the resistance, the bulls can anticipate a move towards $39 and have the next target at $42 – $44.
Solana price analysis conclusion: Bottomline
Solana’s short term outlook is bullish. However, there are likely no chances to cross the $35 mark given the prevailing downward pressure around that psychological level. Idealy, the coin could trade sideways and there are high chances of a retracement to $32.
Disclaimer. The information provided in this Solana price analysis 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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Source: https://www.cryptopolitan.com/solana-price-analysis-2021-07-06/
