Solana price has again attempted to revisit the $44 price mark and it is a matter of time until the coin shows its next move. The coin gained 14% during the past week and has gained about 3% in market cap over the past day.
The coin has shown consistent improvement over the past 24 hours. Currently, the bullish momentum in the market has increased significantly and this with continued demand could push the price of SOL higher. At the time of this writing, the technical outlook for the coin remains positive.
Earlier, Solana price failed to break the $44 mark. For SOL to eventually surpass that level, demand needs to continue to go up. If the coin does not sustain above the $44 level, it will decline to trade near its support zone. The global cryptocurrency market capitalization stood at $1.21 trillion today, a . with 0.6% increase in the last 24 hours.
Solana price analysis: 4-hour chart
At the time of writing SOL was trading at $44.79. After several attempts, the bulls were again attempting to move above the above price level. Overhead resistance for the coin was at $46, however, moving beyond the $44 price area would itself be a challenge for the bulls as the bulls failed the first two times.
Local support for the solana price was $40. If the bulls manage to cross the $46 price level then it may touch the $50 price level. The volume of SOL traded in the previous session suggests increased buying power.
SOL’s technical outlook is showing bullish momentum on the 4-hours chart. The moment the price of Solana rose, the indicators reflect the same sentiment.
The relative strength index was above the 60-mark, indicating that as demand for the altcoin increased, buyers outnumber sellers at press time.
Solana price was also above the 20-SMA line and this meant that buyers were responsible for driving the price momentum. The SOL was above the 50-SMA and 200-SMA, indicating bullish momentum.
The last week for SOL was very fruitful for the coin. Over the past week, the bulls gained momentum, which is why a push to the $44 mark was possible. Moving Average Convergence Divergence shows the price movement and the reversal of the same.
MACD made a bullish crossover and formed a green signal bar which is in line with a buy signal and increased demand. Chaikin Money Flow refers to capital inflows and outflows. The CMF broke the halfway line and turned into a positive zone, which meant an increase in capital inflows.