Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears
Solana (SOL) price has locked its sights on the goal from day one.
Evidence to that, SOL price has behaved extremely bullish as the price surged to $47. The bulls have been consistent with orchestrating an uptrend for a couple of days now.
Solana Showing Uptrend Signals Despite Correction
In fact, due to stubborn resistance, the price of SOL spiked to $48.4 early yesterday. It was apparently a short-term surge and then the price went back to the same level. Notably, the SOL/USD pair continues to move forward incrementally. The next resistance for the pair is spotted at the $49.5 mark.
On a one-day timeframe, SOL price has shown an impressive uptrend a few hours ago as it trades at $47. Additionally, the SOL/USD pair price has also dipped in value by 0.40% as observed in the past 24 hours.
According to CoinMarketCap, the SOL/USD pair is experiencing correction and is now trading at $44.34, or a drop of 5.65% as of press time. Total volume for SOL has increased by 42.05% or currently at $1,372,667,870. Solana’s price also recorded a profit of 18.93% as seen in the past couple of days as the price has been on an uptrend.
Volatility has been on a rise for SOL as presented on the divergence of Bollinger bands which hints at spiked volatility in the coming days. The Bollinger upper band is spotted at $47 with the price actively trading above that level. On the other hand, the lower band is seen at the $36 mark denoting the most active support for SOL. More so, the mean average is also spotted at the $41.7 level right below the MA seen at the 43.1 level.
RSI for SOL is now prominent at index 64 and is seen to trade upwards indicating a robust spin in buying pressure. The overall sentiment of SOL is still very optimistic.
SOL Price To Retest $49.5
On 4-hour time fame, the chart shows that the price breach was aggressively bullish and seen trekking upwards early today. The trend is seen to go upwards for roughly 16 hours following a retracement. Remarkably, SOL price exhibited some pullback in the past four hours even if the bulls were gaining more dominance.
The volatility of the coin has peaked as seen on the 4-hour chart with the Bollinger bands expanding with the indicators hinting a breach upwards implying a bull run in the coming days.
The upper band is seen right at the $48.3 level, which keys in the resistance for the coin, while the lower band or key support is spotted at $41.5. RSI is spotted at index 68 which is close to the lane of the overbought zone with the upward movement of the RSI implying a boost in buying pressure.
SOL price has definitely recovered in the past couple of days and is expected to retest the $49.5 resistance zone in the next couple of hours.Source