The Solana price is currently trading at around $47.5, a significant increase from its previous trading days. The bulls have successfully created an upward pattern line, similar to what was performed in the last couple of days.
Although the value of Solana went through a significant resistance level at around $48.4 earlier this week, it managed to bounce back and continue moving in a sideway direction. The next resistance level is approximately $49.5, a significant psychological level for the bulls.
Solana's one-day worth evaluation shows a significant increase, and the coin is currently trading at around $47.5. The SOL/USD pair is showing a decrease in worth during the last 24 hours, as the hourly correction that occurred yesterday has led to a reduction in the total worth of the pair by 0.4 percent.
Solana's revenue has increased by 18.93 percent during the previous week, as the general pattern of the coin has been showing a significant upward movement. The buying and selling quantity of the coin has also decreased by more than 41 percent.
The volatility of the Solana price is growing as the Bollinger bands are diverging, which suggests that a rise in volatility might be coming soon. The higher limit of the bands has reached the $47 mark, while the value is still barely above it. On the other hand, the decrease band is currently in the $36 stage, representing the most vital support for cryptocurrency. The implied common indicator of the movement is currently on the $41.7 mark beneath the MA on the transferring common.
The relative strength index (RSI) is currently at 64, indicating that the cryptocurrency's buying and selling activity is expected to continue moving higher. The sentiment in the market is also positive, as it suggests that the buying and selling activity might increase.
Bulls gain confidence
The four-hour Solana worth evaluation shows that the price broke above its bullish trend line during the first part of today's session. Throughout the rest of the day, the pattern remained intact, and even the bulls appeared to be gaining strength. The value has been protecting a variety of different types of lows throughout the last four hours, and this suggests that the bulls are still gaining power.
The increasing volatility on the four-hour chart is attributed to the price breaking above its bullish trend line and the growing number of Bollinger bands. The upper band is currently at the $48.3 mark, considered resistance for the cryptocurrency, while the lower band is at the $41.5 mark, considered support. The upward curve of the index is also showing signs of improvement as it approaches the border of the overt and subtle overbought territory.
The Solana worth evaluation shows that the cryptocurrency has been recovering significantly over the past few days. The most significant improvement was seen during the last four hours, as the bulls started marching aggressively. Experts at Cryptopolitan said that the price will try to break through the $49.5 resistance in the coming hours.
Solana is currently one of the most popular cryptocurrencies in the market, as it has already recorded almost 89 billion transactions. The average cost of a single transaction on the platform is less than $0.00025, which makes it one of the most cost-effective altcoins in the market. Due to its low fees and high speeds, Solana has been able to attract the attention of both institutional and retail investors. It has a market capitalization of more than $13 billion.