Solana Technical Analysis: SOL Price Rises Back to $38.35

Solana bulls have maintained control of the market since the start of today. The price has retreated somewhat from its all-time high, but it has found support at the $36.56 mark. The coin is presently near the $39.23 resistance level and might soon break out to test the $40 barrier; on downward slides, the $36.56 support level may offer some protection. The price of solana is around $38.13 as of press time, with a modest gain of 1.12 percent in the past 24 hours. The cryptocurrency has a market capitalization of $13,223,323,358 and a trading volume of $1.4 million per day. SOL/USD 4-Hour Price Chart: Bulls Take a Breather The most recent Solana technical analysis reveals that the coin has achieved an all-time high of $39.23, but it encountered modest profit booking at this level, resulting in a retracement. However, the price found significant support near $36.56 and rebounded strongly to its current trading range. Source: TradingView The RSI indicator is currently in the overbought region, and if it falls below the 70 mark, there may be some selling pressure. The MACD signal line is above the histogram, indicating that sustained bullish momentum exists. The 50-day and 200-day simple moving averages are placed far above current price levels, implying that the market has strong bullish momentum. SOL/USD 1-day Price Chart: Bulls Successful in Crafting On the one-day chart, Solana has built a short-term upwards trendline, which i...