Solana Price Positive As It Trades Near $44, Are The Bulls Back On Chart?
Solana price has attempted to revisit the $44 price mark again and it is a matter of time till the coin displays its next move. Over the last week the coin rose by 14% and in the past one day there has been a close to 3% increase in market value.
The coin has demonstrated steady recovery in the last 24 hours. At the moment bullish force has built up considerably in the market and it could push price of SOL higher with sustained demand. Technical outlook for the coin remained positive at the time of writing.
Solana price previously in the past had not managed to break past the $44 price mark. For SOL to finally break past that level, demand needs to consistently go up. If the coin does not remain above the $44 level, it would fall to trade near its support zone. The global cryptocurrency market cap today was at $1.21 Trillion, with a 0.6% hike in the last 24 hours.
Solana Price Analysis: Four Hour Chart
Solana was priced at $44.79 on the four hour chart | Source: SOLUSD on TradingView
SOL was trading at $44.79 at the time of writing. After multiple attempts the bulls were again attempting to move past the aforementioned price level. Overhead resistance for the coin stood at $46, however, moving past the $44 price zone will itself be a challenge for the bulls considering the bulls failed twice previously.
Local support for Solana price stood at $40. If the bulls manage to cross the $46 price level then it could touch the $50 price level. Amount of SOL traded in the previous session increased suggesting increased buying strength.
Technical Analysis
Solana displayed increased buying pressure on the four hour chart | Source: SOLUSD on TradingView
SOL’s technical outlook reflected bullishness on the four hour chart. The moment Solana price moved up, the indicators reflected the same sentiment.
The Relative Strength Index was above the 60-mark signifying that buyers exceeded sellers at press time as demand for the altcoin soared.
Solana price was also above the 20-SMA line and that meant buyers were responsible in driving the price momentum. SOL was above 50-SMA and 200-SMA signifying increased bullish momentum.
Solana was depicting buy signal on the four hour chart | Source: SOLUSD on TradingView
The past week for SOL was quite beneficial to the coin. Over the last week the bulls gathered momentum which is why a push to the $44 mark was possible. Moving Average Convergence Divergence displays the price momentum and the reversals in the same.
MACD underwent a bullish crossover and formed green signal bars which are in accordance with the buy signal and increased demand. The Chaikin Money Flow points towards the capital inflows and outflows. CMF broke past the half-line into a positive zone which meant increased capital inflows.
Featured image from Engadget, Chart from TradingView.com