TL;DR Failure

  • Solana price analysis is bullish today.
  • The SOL/USD pair is currently trading at $117.
  • Support for SOL/USD is $100.

The latest Solana price analysis shows a significant increase in prices, which have risen sharply in the last 24 hours. Due to the upward trend, the price has risen to $ 116.2, leading to a significant boost. Despite yesterday's drop, today's trend is now in favor of buyers as bulls strongly defend their positions.

SOL/USD price action in the last 24 hours: long positions controlling the market?

Solana is currently trending higher and this trend is expected to continue as long as the price stays between $100 and $120. The bulls are strongly defending their position at $100, which sets a key support level that should be retested. If they manage to hold this position, we can expect a further rise in prices, which would signal a strong buy signal. On the other hand, if today's support is broken under pressure from the shorts, then the next best support level is at $90.

Solana Market data shows that SOL/USD is currently trading at $117, up sharply since yesterday's price analysis. As shown above, volatility has increased, which could lead to sudden price swings. After the bullish trend, one notes that the bulls are strongly defending their position at $100 (which is today's support level). The next key support level is at $90. Moreover, as long as the price stays between $100 and $120, we can expect to see further gains.

SOL/USD 1-day price K-chart. Source: TradingView

The latest market information shows that the cryptocurrency is currently trading at around $116 and is trading at over $36 billion. The 24-hour trading volume has exceeded $3 billion, which means that there is a lot of interest in this cryptocurrency. However, despite the recent increase in Solana's user base, the cryptocurrency is still struggling to surpass its all-time high.

On the bright side, if there is resistance around $120, the cryptocurrency will be pushed to higher heights. The price could test the $130 mark in due course.

On the downside, if there is support around $100, Solana's value will fall to around $100. However, if that level is broken, the next significant support is found at the 79.6% Fibonacci retracement level.

SO/USD 4-hour price analysis: recent developments

The MACD is trending higher, with the blue MACD line slightly below zero, indicating strong bullish momentum. The histogram is also rising, indicating that buyers are in control of the price action.

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

DMI shows that both long (44.81%) and short (55.19%) positions are fiercely defending their positions, suggesting more caution on any new trades today after yesterday's market analysis. Solana's strong uptrend today may not continue in the next few hours as there are significant resistance levels above $118 and $120.

Solana Price Analysis: Conclusion

Last night, SOL/USD buyers managed to stop the sellers' attempts with an unexpectedly high volume of transactions. We are now waiting to see if the uninterrupted buying pressure will overcome the sellers' efforts and push the price to $120.

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