on the crypto
According to Solana's price analysis, the bulls finally broke the $ 180,00 support barrier. Traders are bullish on the asset as they expect a return to $ 200,00, Solana's all-time high. Previous support levels have provided ample buying opportunities for bulls to trade profitable on secure platforms such as Bitcoin system.
The stochastic RSI has managed to settle above the 50 mark, suggesting that bullish momentum is at stake. The asset may face resistance at $ 190,00, but if it manages to breach this level, traders should expect $ 200 very soon. Traders should be wary of considering any short-term bearish trade as long as the price action remains above the $ 180 mark.
A fantastic ups and downs
The cryptocurrency market as a whole has had a mixed mood over the past 24 hours, with most of the major currencies seeing both positive and negative price changes. PIRATE and NYC saw gains of 9,39% and 29,16%, respectively, keeping their ranks as 1 and 2 in terms of accumulated revenue from Initial Coin Offerings (ICOs).
The MACD is now bullish, as reflected by the green color of the histogram. However, as the height of the histogram is low, the indicator indicates little buying momentum. Additionally, in the short-term charts where the SOL returned to the $ 185,00 price level, there was a decline in buying momentum indicated by the lighter shade of the indicator.
The EMAs are currently trading at a premium, with SOL having seen net bullish activity in the past few days as the price has increased from $ 150 to the current $ 185 levels. Both x-axis moves suggest low bullish dominance, and the price action is struggling to break above the $ 190 barrier.
The RSI is neutral and is trading at a premium, indicating modest bullish dominance on the price movement. The index hovers around 59,93 index units while SOL fluctuates between the $ 180 and $ 190 mark. However, as the indicator remains neutral, there is still potential for big gains before the asset needs to correct its trend.
The Bollinger Bands have tightened over the past few days as the price action approaches $ 180,00, with the bands becoming narrower and more converging as a result. The price movement within a consolidation channel over the past 12 hours has shown that it has been trading within a consolidation channel with reduced volatility. While the upper boundary of the Bollinger Bangers presents resistance at $ 188,32, the midline offers support to buyers at $ 180,40 right now.
What to expect from the Solana price analysis?
Solana's price analysis shows that after struggling around the $ 175,00 mark, the bulls could successfully break above the $ 180,00 mark. As buyers find short-term resistance at the $ 190,00 mark, the growing bullish momentum keeps a positive outlook for price action.
Traders can anticipate that Solana's price analysis will continue to rise, hitting a high of $ 190,00 as the bulls take control of the SOL price movement. The following resistance level is $ 190,00, followed by even higher prices. Before any major fall, the RSI and MACD indicators must show a sell signal.
Solana Price Analysis: Conclusion
Solana's price analysis is bullish; the bulls take full control of the SOL price action. Traders can anticipate that upward momentum will be maintained for some time to come, allowing price action to break above $ 190 and set a new all-time high.
