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<a href="https://www.cryptoknowmics.com/news/solana-price-prediction-2022-2026-will-sol-price-hit-140-by-the-end-of-2022"> price of solana</a> 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.
<h2>SOL/USD 4-Hour Price Chart: Bulls Take a Breather</h2>
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.

<img src="https://cd.cryptopolitan.com/wp-content/uploads/2022/07/09075531/image-75.png?strip=all&amp;lossy=1&amp;resize=907%2C497&amp;ssl=1" alt="image 75" />

<strong>Source:</strong><a href="https://www.tradingview.com/chart/OrUePTa1/?symbol=FTX%3ASOLUSD" target="_blank" rel="noopener"> TradingView</a>

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.
<h2>SOL/USD 1-day Price Chart: Bulls Successful in Crafting</h2>
On the one-day chart, Solana has built a short-term upwards trendline, which is currently providing significant support at $37.50. In the event of any bearish pressure, the price may recover from this support level. The bulls are focusing on a breakout above $39.23, the resistance level at which they have been trading for months. In the market, the buyer volume is currently greater than the seller volume, according to Solana's 24-hour market.

<img src="https://cd.cryptopolitan.com/wp-content/uploads/2022/07/09075612/image-76.png?strip=all&amp;lossy=1&amp;resize=900%2C499&amp;ssl=1" alt="image 76" />

<strong>Source:</strong><a href="https://www.tradingview.com/chart/OrUePTa1/?symbol=FTX%3ASOLUSD" target="_blank" rel="noopener"> TradingView</a>

Following a similar pattern to how it is presently, the RSI score is well above 50, which indicates strong buying pressure in the market. The price of SOL/USD appears to be crossing over the MACD Moving Average Convergence Divergence (MACD) line, which is considered a bullish sign. The 50-day SMA is above the 200-day SMA, which is another indicator that the market is rising.
<h2>Conclusion</h2>
The price of Solana has formed a short-term upwards trendline, giving it a bullish appearance. The bulls are currently trying to break above the $39.23 resistance level and move up toward the $40 mark in the near term. However, a retest of the $37.50 support level may occur as a result of any bearish pressure. From the one-day and four-hour technical indicator graphs above, it appears that the market is in a firm uptrend, and any bearish pressure would be short-lived.

Solana Technical Analysis: SOL Price Rises Back to $38.35

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

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Solana Technical Analysis: SOL Price Rises Back to $38.35

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