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Solana price analysis: SOL stabilizes after a bullish period at $82.8

SOL

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The strongest resistance is present at $121
  • Solana trading price is $82.8 as of writing time

The Solana price analysis shows stabilizing signs as the market shows positive potential. The bulls have not been sitting idly by, they have made plans for Solana, which will come into action soon, and we will see a new bullish period over the next few days. However, the bears have not given up and appear to control the market; although they are growing tired and wear, they seem to show spirit and will fight till the end for their control.

The market shows the price of Solana spike today to the $84 mark but declined soon after to $82. Solana continues a slight positive movement. SOL currently trades at $82.8; SOL has been down 8.17% in the last 24 hours with a trading volume of $3,726,802,517 and a live market cap of $26,541,727,778. SOL currently ranks at #7 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Recent developments

The Solana price analysis has led us to believe that the present condition of the market appears to have great bullish potential as the price moves upwards. Moreover, the market has significantly maintained a bearish trend, tiring out the bears in the past few hours. As a result, the upper limit of the Bollinger’s band rests at $94, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $78, serving as a support point for SOL.

The SOL/USD price travels under the Moving Average curve, indicating the market following a bearish movement. So, we can see the market has started closing its volatility today. As a result, the Solana price has the potential to move towards positivity. In addition, the SOL/USD price seems to move towards the Moving Average curve, signifying a possible reversal movement, which could boost the positive potential of the market.

Solana price analysis: SOL stabilizes after a bullish period at $82.8 1
SOL/USD 1-day price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 43 making the cryptocurrency stable, falling in the lower neutral region. Furthermore, the RSI score moves slightly upwards, indicating the buying activity exceeding the selling activity while moving towards stable dynamics.

Solana price analysis for 24-hours: SOL market opens

The Solana price analysis had maintained a bearish movement in the last few days. With the volatility increasing, the bears gain a substantial possibility to conserve their stance. However, this can also be said for the bulls, and a volatile market gives equal opportunity to both parties. As the volatility opens, it makes the value of the cryptocurrency more volatile to change. As a result, the upper limit of the Bollinger’s band rests at $121, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $76, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. However, the price can be traced following a downward movement, indicating massive bearish opportunities, but bulls have every chance to turn things around in a volatile market.

Solana price analysis: SOL stabilizes after a bullish period at $82.8 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 34, showing the cryptocurrency’s devaluation. It falls in the undervalued region. However, the RSI score follows a slightly downward path marking its entrance into further undervaluation. The decrease in the RSI score indicates firm selling activity, outweighing the buying activity.

Solana Price Analysis Conclusion

The Solana price analysis remains bearish as the market shows massive potential for a reversal giving bulls colossal opportunities. However, as the volatility increases, the bears lose a significant chance to conserve their trend; instead, the bulls are starting to pose a severe threat to the bearish dominion.

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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