Solana price analysis: SOL rejects further downside at $215, as bullish support comes in

Solana price analysis SOL rejects further downside at as bullish support comes in

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The resistance is present at $228.
  • Support for SOL/USD is found at $215.

The Solana price analysis shows the cryptocurrency got rescued at $215 as help from the bullish side came in. The SOL/USD seems stable at $218 now, but it is facing trouble in moving past the $219 level as this point falls under a resistance zone, but SOL has previously crossed above this point on 21st November but got rejected further above at $230. Overall, SOL’s price trend line has been downwards since 7th November, but some improvement was observed three days ago, and after yesterday’s bearish move, bulls are again struggling for supremacy today.

SOL/USD 1-day price chart: Bulls lead the price curve

The 1-day Solana price analysis reveals the cryptocurrency has recovered a bit as an increase in price is being observed today. The SOL/USD is trading at $218.44 in the market at the time of writing. However, the coin is still at a loss of nearly 1.44 percent over the last 24 hours as the recovery is nominal until now, and yesterday’s damage was quite notable. The SOL also reports a loss in value by 4.33 percent over the past week, as the price trendline is downwards overall.

The trading volume has also dipped by 6.63 percent during the last 24 hours, but the market cap has increased by 1.3 percent for the same duration of time, resulting in the market dominance of 2.60 percent for the SOL/USD pair.

Solana price analysis: SOL rejects further downside at $215, as bullish support comes in 1
SOL/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for the cryptocurrency, and the volatility indicator is giving hints of a slightly downwards breakout which is not a good sign for the coming days. As can be seen, both ends of the Bollinger bands are on downwards movement, indicating the trend line to follow the downside for the coming days.

The relative strength index (RSI) is present at the center of the neutral zone at index 50. The RSI indicates an almost balanced out buying and selling, which is hindering a speedy recovery. The indicator will move up or down depending upon which side out powers the opposite, as it shows equal room for both sides to practice their skills.

Solana price analysis: Recent developments and further technical indications

The 4-hour price chart for Solana price analysis shows the price went up steadily during the first four hours today, as the price started lifting up during the end of yesterday’s session, but as the coin is facing selling pressure, a decrease in value is again under process, as bears have taken the lead again. However, the coin is still trading in green if observed for today only.

Solana price analysis: SOL rejects further downside at $215, as bullish support comes in 2
SOL/USD 4-hours price chart. Source: TradingView

The volatility is also high on the 4-hour Solana price chart, but here the volatility indicator shows no notable change with the upper band at the $228 mark, representing resistance for the coin, and the mean average of the indicator at the $217 mark represents support for the coin price. The RSI shows a downwards curve after going up during the last eight hours. This proves sellers have the edge. The price after traveling a little above the moving average has again stepped below; the moving average (MA) is trading at $219 level.

Solana price analysis: Conclusion

The Solana price analysis concludes the coin is bullish today, but overall circumstances are not in favor of bulls as many technical indicators are favoring bears; as the 4-hour chart shows, if the bearish pressure continues, then SOL will try to hold on to $217 support, and if the bulls take the lead again in the coming hours the coin will face the first layer of resistance at $219. If bulls successfully pass through, then the next crucial resistance will be seen at $227.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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