Solana Price Analysis shows significant volatility today, especially as the market is slightly bullish and NFTs in the Solana ecosystem continue to thrive. Its price reached a low of 32.22 today and is currently trading at $33.9.
Based on the crypto heatmap, we can see that the market today is mostly bullish with Bitcoin. ethereum Both recorded increases of 2% and 2.8% respectively. Other altcoins are following the same trend.
Solana’s one-day price analysis provides a complete picture of the volatility facing the currency these days. Most recently, after hitting a high of $39, it fell again, setting a new resistance level around it. At the same time, we have yet to test the previous $29.9 support line.
For now, Solana’s recovery looks imminent as both the MACD and RSI indicators show some positive action. But let’s see what we can expect with shorter intervals.
Solana 24-Hour Price Action: SOL/USD Remains Unstable
Solana’s volatility is what makes it an interesting currency for spot traders to invest in. Since then, it has climbed to $33.86 so far. This is a significant increase.
Looking at Solana’s 24-hour data, the market cap rose by 5.31% while trading volume fell by 34.51%, bringing the market cap to 0.04185.
We can see that Solana has made new highs and lows in the last 24 hours. Thus, it has experienced a slightly bullish rally that seems unstoppable. However, the RSI brings bad news as the market is already very overbought. However, MACD is very healthy.
There may still be positive momentum. But overall, much of the momentum has already been squeezed out and Solana is poised to drop slightly again.
4-Hour Solana Price Analysis: SOL/USD Seeks to Retest Resistance Near $34
SOL/USD is poised to test resistance near $34, as the 4-hour Solana price analysis chart shows. Both the MACD and RSI indicators are showing signs of positive momentum. The RSI is very balanced with a positive slope, while the MACD shows a green histogram and is gaining strength.
Therefore, SOL/USD is very likely preparing to retest the $34 resistance. But can it break through? Considering that it is already in a slight upward trend, it is unlikely that Solana will break through.
Solana Price Analysis: Conclusion
Solana is running pretty well today but seems to be losing momentum now. expected to fall. So this may not be the best time for a quick investment. Please read the following guide for the best returns. Best Cryptos to Buy Now in 2022.