Solana price analysis: SOL climbs above $180, can the bulls breach $200?

0
109

TL:DR Breakdown

  • Solana price analysis suggests upwards movement
  • The closest support level lies at $180.00
  • SOL faces resistance at the $190 mark

The Solana price analysis shows that the bulls have finally broken above the $180.00 resistance level. The market sentiment is highly bullish for the asset as traders expect a return to the $200 mark. 

The broader cryptocurrency market has observed a mixed market sentiment over the last 24-hours as most major cryptocurrencies observe both positive and negative price movements. Major players include PIRATE and NYC recording a 9.39 percent incline and a 29.16 percent decline, respectively. 

Solana price analysis: SOL struggles to cross $190

Solana price analysis: SOL climbs above $180, can the bulls breach $200? 1
Technical indicator for SOL/USDT by Tradingview

Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as the height of the histogram remains low at press time. Furthermore, the lighter shade of the indicator suggests a decreasing buying momentum across the short-term charts as SOL returns to the $185.00 price level. 

The EMAs are currently trading high as SOL observes net bullish activity over the last few days as the price rose from the $150.00 mark to the current $185.00 mark. At press time, both the EMAs move along the x-axis suggesting low bullish dominance as the price action struggles to climb above the $190.00 mark. 

The RSI is currently neutral and trades high showing slight bullish dominance over the price action. The indicator hovers at 59.93 index units moving sideways as SOLoscillates between the $180 and $190.00 mark. However, the neutral position of the indicator shows that SOL has room for significant bullish movment before the asset would need a trend correction. 

The Bollinger Bands are currently narrow and show further convergence as the price action makes a return towards the $180.00 mark. The oscillation around the $185.00 level across the last 12 hours shows that the price has been trading inside a consolidation channel with volatility dropping significantly. Currently, while the Bollinger Bands’ upper limit presents a resistance level at the $188.32 mark, the mean line provides a support to the buyers at $180.40.

Technical analysis for SOL/USDT

Overall, the 4-hour Solana price analysis issues a buy signal with 13 of the 26 major technical indicators showing support to the bulls. On the other hand, only four of the indicators support the bears suggesting that there is low selling activity occurring in the markets. Meanwhile, the remaining nine indicators sit on the fence and issue no signals at the time of writing.

The 24-hour Solana price analysis shares this sentiment and shows 10 indicators in favor of further upwards movement against seven suggesting a downwards price action across the mid-term charts. While the analysis reaffirms the bearish dominance over SOL, it shows that the seling pressure still weighs on the price action. At the same time, nine indicators do not support either side of the market.

What to expect from the Solana price analysis?

Solana price analysis: SOL climbs above $180, can the bulls breach $200? 2
4-hour price chart by Tradingview

The Solana price analysis shows that after struggling around the $175.00 mark, the bulls were able to successfully break above the $180.00 mark. While the buyers find short-term resistance at the $190.00 mark, the rising bullish momentum maintains a positive outlook for the price action. 

Currently, traders should expect the Solana price analysis to move upwards towards the $190.0 mark as the bulls dominate the SOL price action. Further upwards the next resistance level lies at $190.00. The buyers might observe a drop to the $180.00 mark before the bulls initiate the rally but the positive market outlook suggests a return to the $200 level for Solana.