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Solana price analysis: SOL suffers devaluation at $176

SOL

TL;DR Breakdown

  • Solana price analysis appears to be bearish.
  • The strongest resistance is present at $200.
  • The strongest support is present at $171.

The Solana price analysis reveals the market following a bearish trend with bullish opportunities. The cryptocurrency might reach $190 before the New Year if they are availed. The SOL/USD price has suffered a massive decline in the past few days. On December 27, 2021, the price followed a somewhat bullish trend, and the price went from $197 to $204 just before declining significantly the next to $177. On December 29, 2021, the price fell even further to $170 but gradually increased to $176, which is the current price of Solana.

SOL/USD 4-our price analysis: Solana is on the brink of a breakout

The Solana price analysis reveals the market’s volatility following a significantly inclining movement, which means that the price is prone to move to either extreme, it may skyrocket, or it may plummet entirely. The Trend of the market is bearish, so the probability of the value declining is more likely. The upper limit of the Bollinger’s band is present at $209, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $171, which serves as the strongest support.

The SOL/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish trend in the market. The SOL/USD price is close to the strongest support, and it may even cross under it, which may result in a breakout.

Solana price analysis: SOL suffers devaluation at $176 1
SOL/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is 33, which shows that the cryptocurrency has almost entered the undervalued lot. The RSI path can be steadily inclining, which signifies a possible reverse trend in the market.

Solana price analysis for 1-day: SOL/USD oscillates near $180

The Solana price analysis reveals the market’s volatility to be dormant, showing no signs of increment or decrement. The continuous fluctuations show that the SOL/USD price shows no signs of undergoing a variable change in these circumstances. The upper limit of the Bollinger’s band is present at $200, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $157, which represents the strongest support.

The SOL/USD price can be seen crossing under the curve of the Moving Average, which signifies a bearish trend. This shows that the bears are in complete control of the market, and they have no intention of letting go quickly.

Solana price analysis: SOL suffers devaluation at $176 2
SOL/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) is 43, which shows a stable value. The SOL/USD assets fall on neither extreme; they are neither overbought nor undervalued. The RSI can be seen moving steadily forwards, showing a stable trend in the market. It seems the bears will hold the market for a long time.

Solana price Analysis Conclusion: Market in a strong bearish grip

The conclusion of the Solana price analysis shows that the recognition made in the current behavior of cryptocurrency shows that it is following a downward trend and is less likely to go up. SOL/USD rose sharply to the $205 mark; the price reached $204 on December 27, 2021.

Chart analysis shows bearish fluctuations. It is predicted that cryptocurrency could quickly fall into the $180 mark range, but this depends on support volatility; if current support fluctuates, and depending on the data displayed on the charts, it is very likely, we can see prices will fall to $168.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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