Solana price analysis reveals SOL is in a firm bullish trend as the coin has surged by 14% in the last 24 hours. The coin touched the $13.33 level before retracing slightly to its current level of $13.06.The intra-day movement of SOL has been in a northward direction as the coin hit highs of $13.33 and lows of $12.29 on different occasions over the last 24 hours.
Solana price movement:Coinmarketcap
Solana forms a bullish pennant on the one-hour chart and this gives bulls the confidence to implement their technical strategy. The RSI for SOL is depicting a bullish trend as it has moved above 50% and is currently trading at 59%.
The Buying volume for Solana over the last 24 hours has been higher than that of selling as can be seen from CoinMarketCap data. The coin currently has a market capitalization of $73 million with an average trading volume of approximately $1 million.
Solana’s price movement is highly correlated to that of Bitcoin and the other top altcoins. With BTC consolidating on its way up, further upside in SOL will be influenced by this trend.
The bullish momentum is attributed to the overall uptrend in the majority of the cryptocurrencies as most altcoins are trading in the green. This may continue as long as BTC maintains its bullish dominance.
Solana Technical analysis
The technical indicators for SOL show that the coin is currently in a bullish momentum and this may continue if the bulls keep up the pressure. The Bollinger Bands show that Bitcoin has been trading with a high volatility rate while the MACD indicator shows an upward trend.
The Stochastic RSI suggests that the bulls may have to deal with some resistance on the way up. This can be seen from the downward trend in the oscillator which currently reads 21%.
SOL/USD 4-hour chart:TradingView
The immediate resistance level is found at $13.33 and the support level is at $12.29 while the Fib retracement levels show that the 23.6% Fib level is at $12.65.
If the bulls manage to maintain their bullish momentum, we can expect Solana’s price to stabilize above the resistance level and possibly retest its all-time high in the near future.
On the other hand, if there is a downward correction, the coin may retest its support level which is just below the price of $12.29 and a break below this support would see the coin capitulate.
Overall, Solana appears to be in a strong bullish momentum at the moment, with price movement suggesting that the bulls may be able to sustain this trend in the near future. A bearish correction may be seen if the bulls are unable to push the price past the current resistance level.
