Bulls Take Charge in the Solana (SOL) Market

Bulls dominate Solana (SOL) market as prices increase by 2.26%.
SOL to test further bullish run as denoted by technical indicators.
The price of $13.31 has been identified as a support level for Solana.

The market contagion caused by the collapse of the FTX cryptocurrency exchange has prevented Solana (SOL) from making any progress over the past month. The price of SOL has risen to 2.24% in the past day, so this is no longer the case.

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Solana is currently trading at $13.71 per share, for a market cap of $5,018,570,329, a gain of 2.26% from yesterday’s close. Solana has established a support level of $13.31 and a resistance level of $13.75; this might change in the coming hours as bulls are still exerting pressure in the SOL market.

SOL/USD 24-hour price chart (source: CoinMarketCap)

Since the MACD line in the 1-hour price chart is rising and has crossed the signal line, this may lead investors to believe that the bullish trend will continue in the near future as bulls attempt to drive prices higher. The formation of the trajectory histogram in the positive region is a further evidence that the bulls are in charge of the market. Currently, the MACD line is at 0.03 and the trajectory histogram values are 0.01.

Bollinger Bands are converging, indicating that the price of SOL is gaining momentum to the upside. Solana’s price may rise in the next few hours as the current market price moves closer to the upper band, indicating that buyers are in control of the situation. The price of SOL is currently being supported by a band with a lower limit of 13.48 and an upper limit of 13.79.

SOL/USD 1-price chart (source: TradingView)

The bullish trend is reinforced by the position of the more recently created Moving Average (MA) above the longer-term MA. The 100-MA in the 1-hour price chart is at 13.79, and the 200-MA is at 13.70, but investors are worried that the current Solana price is below the shorter-term and long-term MA, which indicates that the SOL price may decline in the near future.

The Relative Strength Index (RSI) is pointing north with a reading of 54.97, indicating that a bullish movement will continue even though it is in the “50” region, indicating that there is neutrality in both buying and selling pressure, but bullish power has proven to overpower bearish pressure.

SOL/USD 1-hour price chart (source: TradingView)

According to the technical indicators, bulls are in control of the market, and the bullish trend is likely to continue in the coming hours.

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Munene Kelvin

Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.