Solana price analysis: SOL/USD rises to the $138 mark

SOL

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • Strong resistance present at $175.
  • Solana trading price is $137.

The Solana price analysis is bearish today as we expect the bulls to capture the market soon with their newfound strength. On the other hand, the bears have grown tired and lost potential for controlling the market in a long-term regime. Therefore, the bears might soon lose as we look at new bullish market possibilities. The SOL/USD price has gradually increased today; on January 20, 2022, the price rose from $134 to $137 while maintaining this momentum as it continues to grow in value. Solana has been down 0.65% in the last 24 hours, with a trading volume of $1,315,796,680.

SOL/USD 4-hour price analysis: Volatility shrinks

The most recent developments in the Solana price analysis have led us to believe that the current state of the market appears to have entered a bullish movement, with the volatility shrinking gradually. Moreover, the market fluctuates significantly, indecisive between bearish and bullish. As a result, the upper limit of the Bollinger’s band rests at $143, serving as a strong resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $133, serving as the strongest support for SOL. Solana has strong support at $133, which will help counter any devaluation tactics the bears tried.

The SOL/USD price travels over the Moving Average curve; this signifies the market following a bullish movement. So we can see the market had opened its volatility in the past few days as the market fluctuated frequently. However, with the bulls coming in more vigorous than ever, it is only a matter of time before they will engulf the market.

Solana price analysis: SOL/USD rises to the $138 mark 1
SOL/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) score is 44 making the cryptocurrency show no devaluation signs, falling in the lower neutral region. Furthermore, the RSI score increases significantly, indicating intense buying activity and further increment in the value of Solana.

Solana Price Analysis for 24-hours: Strong support at $122, will it hold?

The Solana price analysis has experienced fluctuations in the last few days; as the market enters the bearish domain, it stops its volatility to maintain its consistency. With the market volatility still dormant, the bulls gain a substantial possibility to return and capture the market, increasing the value. Although, this depends on the fluctuations of volatility. As a result, the upper limit of the Bollinger’s band rests at $175, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $122, serving as the most vital support for SOL.

The SOL/USD price appears to be crossing under the Moving Average curve, pointing towards a bearish momentum. Furthermore, the price can be traced following a downwards movement, indicating the dedication of the bears. If this keeps up, the price will soon meet the support, which will cause a breakout in the market resulting in a reversal.

Solana price analysis: SOL/USD rises to the $138 mark 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 37, showing the cryptocurrency slightly falls on the undervalued side. However, the RSI score follows a slight upwards path indicating its possible exit from the undervalued region and movement towards stability. The increase in the RSI score indicates firm buying activity, outweighing the selling activity.

Solana Price Analysis Conclusion

Solana price analysis remains bearish as the volatility remains dormant, resulting in a bearish movement in the next few days. However, the direction is likely to change as the charts show significant signs of a reversal trend. The bears have taken the market elegantly. However, the market has demonstrated bullish potential, soon taking the bears out of the picture.

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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