TL; DR Breakdown
- The Solana price analysis forecast is bullish for today.
- Volatility is high at the moment.
- SOL finding support at $135.
On the 5-day Solana price analysis chart, The RSI was seen hovering towards the overbought region. This suggests that the market has generally been bullish in the past week. The long-term technical indicators show that the bull market that saw its way last month might continue through the year.
The Moving Average indicators show a bullish potential as the short-term indicator crossed above the 200- day Moving Average. The moving average lines consolidated at one point, meaning that the buyers wanted to enter the market.
The price of Solana is now in a strong position, and we anticipate more setbacks to be followed with greater advances. Following today’s new lows for the long-term trend, which occurred at $130 rapidly, the long-term bearish trend will continue. We expect SOL/USD to rebound following such a significant decline after such a severe drop.
The entire cryptocurrency heat map is red; This is an indication of the negative market trend. The giant virtual currency is trading in the same bear trend as the coin has dropped by a few thousand dollars and seems to be going further downwards despite reaching its $50 target two weeks ago. BTC is currently trading at $42.2. ETH is also trading in a severe bear trend so is the Binance coin (BNB). Even though the market has been bearish, some coins have managed to be bullish, THETA has recorded a more than 15 percent price increase in the last few hours, and the bull trend does not seem to be seizing anytime soon. The meme coin also trades in a negative direction. At the time of writing, the meme coin is trading at $0.26.
SOL/USD 4-hour chart: SOL ready to reverse?
SOL/USD 4-hour chart. Source: TradingView
The Solana price has yet to recover to its all-time high, and prices are still trending downward. This kept the downward momentum that began on September 7th, when SOL/USD fell from $215 to $213.
After a period of consolidation, Solana continued to fall, with several lower lows established. On Friday, strong support was discovered at $135, with a push to $170 the next day.
The number of red and green bars on the four price analysis chart is almost the same, meaning the sellers and buyers have almost the same strength. The BoP indicator is at the middle point meaning the bears and the bulls have almost equal strengths.
Solana Price Analysis: Conclusion
The MACD line has crossed below the red signal line, suggesting that the market might soon trend negatively. The bulls are trying to push the MACD line over the red signal line. We anticipate that SOL/USD will reverse and recover some of the lost ground in the coming days.
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