Solana price analysis: SOL/USD is getting ready to test the $34 resistance
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Solana’s price analysis shows significant volatility today, especially since the market is slightly up and NFTs in Solana’s ecosystem continue to flourish. Its price hit a low of 32.22 today and is currently trading at $33.9.
Based on the crypto heatmap, we can say that the market is mostly bullish today, as Bitcoin and Ethereum have both risen by 2 percent and 2.8 percent. We see other altcoins following the same trend.
Solana’s one-day price analysis gives us a bigger picture of the recent volatility of this currency. It recently reached a high of $39, before coming back down again, setting up a new resistance level around that mark. Meanwhile, it has yet to test the previous support line at $29.9.
At the moment, it looks like Solana’s recovery is imminent, as both the MACD and RSI indicators are showing positive activity. But let’s see what we can expect in shorter time frames.
Solana 24-hour price movement: SOL/USD remains volatile
Solana’s volatility makes it an interesting currency for spot traders to invest in. As shown by the 24-hour price movements, the price of Solana closed today at $32.7 at the beginning of the day. Since then, it has risen all the way to $33.86. That’s a significant increase.
If we look at Solana’s 24-hour data, its market capitalization has increased by 5.31 percent, while the trading volume has decreased by 34.51 percent, bringing the volume to a market capitalization of 0.04185.
We can see Solana making higher and lower highs in the last 24 hours. Because of this, it has gone through a bit of an upward rally that doesn’t seem to be stopping. However, the RSI gives us bad news as the market is already very overbought. However, the MACD is quite healthy.
There may still be positive momentum. But overall, much of the momentum has already been taken away and Solana is ready to settle down a bit again.
4 Hour Solana Price Analysis: SOL/USD is about to retest resistance around $34
As the 4-hour Solana price analysis chart shows, SOL/USD is just getting ready to test resistance near the $34 mark. We can see signs of positive movement on both MACD and RSI indicators. While the RSI is fairly balanced with a positive gradient, the MACD is showing histograms in the green, increasing.
So SOL/USD may well be getting ready to retest the $34 resistance. But will it manage to break through? Given the fact that it’s already up a bit, it’s unlikely that Solana will break through just yet.
Solana price analysis: Conclusion
Solana is having quite a run today and now it seems to be slowing down. However, on larger time frames, it looks like it is just about ready to test the $34 resistance. But in shorter time frames, you can expect it to drop so little. So this might not be the best time for a quick investment. For the best returns, read our guide to the best cryptos to buy now in 2022.