logo

Solana price analysis: SOL continues lowly sideways trend around $14

Solana price analysis

TL;DR Breakdown

. Solana price remains in sideways trend around $14 mark
. Intra-day high is expected to cap at $14.86
. SOL price stayed below crucial moving averages over 24 hours

Solana price analysis continues to show a bearish sight, as price trods along a horizontal trend that was set on November 24, around the $13.5 mark. Over the past 24 hours, SOL price jumped as high as $14.42, before receding back to $14.00 at the time of writing. As SOL trades sideways, buyers are expected to wait until price pushes past the immediate resistance at $14.86 before committing. SOL volume has been observed to be on the downside over the course of the horizontal trend, and must improve before price can be pushed up.

The larger cryptocurrency market showed downtrends across the board over the past 24 hours, as Bitcoin moved down by 3 percent to stay just above $17,000. Ethereum also lowered 3 percent, to move down to $1,200, while leading Altcoins mimicked the downtrend. Ripple dropped 2 percent to sit at $0.37, whereas Dogecoin lost 4 percent in price to move down to $0.08. Cardano also dropped 2 percent to move as low as $0.29, while Polkadot stabilised around the $5.2 mark.

Screenshot 2022 12 15 at 11.59.45 PM 1
Solana price analysis: Cryptocurrency heat map. Source: Coin360

Solana price analysis: RSI shows similar sideways pattern to price on daily chart

On the 24-hour candlestick chart for Solana price analysis, price can be seen extending along a sideways trend without much hint of a breakout over the past 20 days. Combined with low volume, SOL price moved below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $13.98. Solana trading volume dropped another 38 percent over the past 24 hours, highlighting the stagnancy in the market for the coin.

SOLUSDT 2022 12 16 00 13 09
Solana price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows a parallel movement to price in moving sideways around the early 40’s, further suggesting of the lack of progression in price. Buyers would be looking out for increased consolidation up to the $15 mark before further investment in SOL. Meanwhile, the moving average convergence divergence (MACD) curve shows a parallel move against the neutral zone, also reminiscent of the sideways trend in price.

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.

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 decision.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

All You Need to Know about Crypto Wormholes
Complete Guide to Crypto Portfolio Management
Hermes set to commence trademark infringement trial
Beginner's Guide to Social DAOs: How to Join And More
UK regulator targets FTX-linked charity

Follow Us

Industry News

Hermes set to commence trademark infringement trial
UK regulator targets FTX-linked charity
Mining Bitcoin just got a lot harder—see why
Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy
China's step towards cryptocurrency regulations

Add Your Heading Text Here