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28 November 2021
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Solana [SOL] shatters resistance at $160; Major push ahead


Solana’s (SOL) price analysis for today remains bullish for the day, up by more than 7%. According to the data from CoinMarketCap, in the last 24-hours, the price rose by more than 17% and is currently at $189. The trading volume for the SOL token rose by 348%, making it one of the most actively traded tokens today.

Furthermore, the highest price for the coin in the last 24 hours remains at $193.6. The current price of the token is 11.75% from its all-time high at $214.96 made a month ago.

Following Bitcoin’s new all-time high, the entire market sentiment has turned bullish as ETH also reached new ATH.

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Solana’s price movement in recent period

In recent days, Solana’s price has been actively bullish, rising by 194% in August, 30.5% in September, and more than 30% in October, at the time of writing.

October started with a surge of 14.28%, while a similar surge of more than 8% was witnessed on 15th October. Yesterday, the daily candle of the SOL/USDT trading pair rose by 13.44%.

Solana price analysis on the technical indicators

The technical indicators on the 1-day chart suggest that the price of the token will remain bullish in the short term as the price movement is above the 50-day and 100-day Moving Averages.

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Furthermore, the price action is breaking out of the upper end of the Bollinger Bands, meaning that we will see higher prices as buying pressure increases.

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Solana price analysis on the chart by TradingView

The RSI indicators show that the bulls are in charge and taking the token towards the overbought zone. The current reading is above 60 while the gradient is positive, indicating a surge in buying pressure.

On the other hand, the MACD indicator represents a bullish divergence, I.e., the blue line is traversing above the orange or signal line. This scenario shows that prices will remain bullish on the daily chart.
Solana price analysis on the chart by TradingView

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Solana price analysis on the chart by TradingView

Conclusion

The final verdict of our Solana price analysis is bullish, while BTC will now eye for the $80,000 price level according to the research by Finder. This research included prominent individuals like CoinFlip founder and chief advisor Daniel Polotsky.

Hence, it would be better for you to hold the SOL token for the time being, as analysts predict a price of $274.93 by the end of 2021.

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