HomeAltcoinsSolana price analysis: SOL retests $14.63 resistance; is a break above possible?

Solana price analysis: SOL retests $14.63 resistance; is a break above possible?

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The Solana price analysis is bullish today as the coin’s price function is headed upwards for the third consecutive day, and we expect more upside to follow after a break above $14.63. as SOL is retesting $14.63 resistance after covering the range upwards since November 14, 2022. Market pressure is also present at this level, and the coin’s price function is already feeling the selling pressure. The bulls will need a little more push for a breakthrough, as a slight correction is taking place at the moment. If SOL succeeds in breaking above $14.63, bulls will start their march towards $16.28 as their next target.

SOL/USD 1-day price chart: SOL observes slow price movement.

The 1-day price chart for Solana price analysis shows the price has further increased today as the bulls have continued their lead. As a result, the SOL/USD price has increased to $14.49 at the time of writing. The price breakout was upwards, as bulls are trying to take the price above $14.6 resistance despite the bearish pressure. SOL has gained a value of 3.55 percent over the last 24 hours, but SOL also reports a loss of more than 29 percent over the past week, as the trend was strongly bearish up until three days ago.

The trading volume has decreased by 41.89 percent, but at the same time, the market cap has increased by 3.58 percent, resulting in a market dominance of 0.62 percent.

Solana price analysis: SOL retests $14.63 resistance; is a break above possible?
SOL/USD 1-day price chart. Source: TradingView

The volatility is still increasing, as the Bollinger Bands Indicator is expanding further; the upper limit is at $42.30, representing the highest possible resistance technically, and the lower limit is at $7.69, representing the strongest support for SOL. The Relative Strength Index (RSI) is hovering just at the border of the undersold zone at index 30, which hints at the selling pressure present at the current price level.

Solana price analysis: recent developments and further technical indications

The 4-hour price chart for Solana price analysis shows bulls have ruled the chart for the first four hours today while giving the lead to bears at the moment. Bulls showed comparatively good progress, and the overall trend has been upwards for today. The correction made by bears is minimal and may reverse in the coming hours as the price stands at $14.48 now.

Solana price analysis: SOL retests $14.63 resistance; is a break above possible?
SOL/USD 4-hours price chart. Source: TradingView

The volatility is decreasing on the 4-hour chart because of the low price fluctuations since November 14, and as a result, the Bollinger bands have formed a narrow tunnel shape. The upper Bollinger band is present at $14.94, the lower Bollinger band is at $13.23, and the average line of the indicator is marked at $14.08, thus representing a lower price movement to expect in the coming hours. The RSI score has not risen much since yesterday, despite the fact that mostly bulls have been in the lead; the RSI shows a reading of 43 in the neutral range.

Solana price analysis: conclusion

The Solana price analysis is predicting that SOL is retesting the first local resistance of $14.63 at the time of writing, and the coin’s performance at this stage will determine the price action of the remainder of the day. If bulls succeed in breaking through, SOL/USD could move to $16.28 in the next trading session. But if the coin fails to break above the said level, then the price may hover near the current price level today, as the support is also near by.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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