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Solana price analysis: SOL struggles for $100

SOL

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • Strong resistance present at $173.
  • Solana trading price is $96.

The Solana price analysis is bearish today as we expect a reversal in the market, but the bulls to capture the market as they gain tremendous opportunity to do so. On the other hand, the bears have grown tired but are still hanging on. Therefore, the bears might soon lose as we look at new bullish market possibilities. The SOL/USD price has gradually decreased today; on January 23, 2022, the price fell from $98 to $96 while maintaining this momentum as it continues to decline in value. Solana has been down 6.25% in the last 24 hours, with a trading volume of $3,879,640,395.

SOL/USD 4-hour price analysis: Recent developments

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 increasing gradually. Moreover, the market has significantly maintained a bullish trend, tiring out the bears in the past few hours. As a result, the upper limit of the Bollinger’s band rests at $151, serving as a strong resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $81, serving as the strongest support for SOL.

The SOL/USD price travels under the Moving Average curve; this signifies the market following a bearish movement. So we can see the market had opened its volatility in the past few days. However, with the bulls coming in more vigorous than ever, it is only a matter of time before they will engulf the market. The price of Solana appears to follow an upwards movement exhibiting the possibility of a bullish future.

Solana price analysis: SOL struggles for $100 1
SOL/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) score is 25 making the cryptocurrency fall under severe devaluation and end up in the overbought 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: SOL breaks support

The Solana price analysis has experienced fluctuations in the last few days; as the market enters the bearish domain. With the market volatility increasing slightly, the bulls gain a substantial possibility to return and capture the market, increasing the value. As a result, the upper limit of the Bollinger’s band rests at $173, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $102, serving as another resistance point for SOL rater than the support.

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. Finally, the price has broken the support, and the market has entered a breakout, signifying that the trend will shift soon.

Solana price analysis: SOL struggles for $100 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 22, 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 increases slightly, giving room to bullish opportunities. The bears have taken the market elegantly, but it seems their time is up now; the bulls will hopefully come into action sooner or later.

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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