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Solana price analysis: SOL/USD struggle for $148

SOL

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The strongest resistance is present at $205.9.
  • The strongest support is present at $128.

Solana price analysis reveals the cryptocurrency following a bearish trend with the SOL/USD price declining in the past few days. On January 7, 2022, the price of SOL experienced a flash crash, and the price fell to $136; it declined further to $134; the market maintained this negative momentum and fluctuated between the $148 mark. On January 8, 2022, the price of SOL made up for some of its losses and went up to $145, which is the current price of Solana.

SOL/USD 4-hour price analysis: Market volatility declines, trend shifts

The Solana price analysis of 4-hours revealed the market volatility following a declining trend, making SOL’s price less exposed to variable change. The upper value of the Bollinger’s band is available at $169, which acts as the strongest resistance. The lower limit value of the Bollinger’s band is present at $128, serving as the strongest support.

The SOL/USD price appears to be crossing over the curve of the Moving Average, signifying a bullish momentum. The bulls have recently taken the market by storm; if they can maintain this trend for long enough, they will completely engulf the market.

Solana price analysis: SOL/USD struggle for $148 1
SOL/USD 4-hours price chart source: Trading view

The Relative Strength Index (RSI) score is 42 showing the cryptocurrency to be stable, falling neither on the undervalued nor the overbought side. The RSI score appears to be increasing due to the strong buying activity, which outweighs the selling activity.

Solana price analysis for 1-day: Market volatility expands

The Solana price analysis shows the market volatility following a significantly increasing trend. The support and resistance bands moving away from each other show the degree of increment in the volatility. This reveals that the SOL/USD price has become more prone to experience variable change. The upper limit of the Bollinger’s band is present at $205, which serves as the strongest resistance for SOL. The lower limit of the Bollinger’s band is available at $141, which represents the strongest support for SOL.

The SOL/USD price appears to be crossing well under the curve of the Moving Average, signifying a bearish movement. The price path shows the SOL/USD price following a downward direction that may exceed the lower limit of Bollinger’s band value, which will turn the support into another point for resistance, resulting in a breakout. That scenario will lead to a reverse trend very soon.

Solana price analysis: SOL/USD struggle for $148 2
SOL/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) score is 35, revealing the cryptocurrency to be undervalued. The RSI score appears to follow an upwards direction, indicating an increase in the SOL/USD price and movement towards stability. The buying activity outweighs the selling activity causing the RSI to move up.

Solana Price Analysis Conclusion

Observing the Solana price analysis, we can conclude that the cryptocurrency follows a bearish trend, and a reversal is probable. The bears have been ruling over the market for quite some time. The bulls have started making moves against them and may soon snatch the throne. All observations point towards a reversal trend that will raise the SOL price if the bulls maintain it.

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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