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Solana price analysis: SOL continues retracing support at $12.31

Solana price analysis: SOL continues retracing support at $12.31

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The strongest resistance is present at $14.57.
  • SOL trades at $12.31 at the time of writing.

Solana price analysis for December 17, 2022, reveals the market following a complete bearish movement; however, Solana has obtained massive negative momentum, signifying a decline for the SOL market. The price of Solana has remained negative over the past few hours. Today, the price crashed and went from $13.06 to $11.94. However, the market started to increase further in value soon after, as the cryptocurrency had already gained more of its value. Moreover, Solana has increased and reached $12.31, just shying away from the $12.50 mark.

The current price of Solana is $12.31, with a trading volume of $383,744,102. Solana has been down 8.37% in the last 24 hours. Solana currently ranks at #15 with a live market cap of $4,510,324,801.

SOL/USD 4-hour price analysis: Latest developments

Solana price analysis reveals the market’s volatility following an increasing movement. This means that the price of Solana is becoming more prone to the movement towards either extreme, showing further decreasing dynamics. The Bollinger’s band’s upper limit is $15.14, which is the strongest resistance for SOL. Conversely, the lower limit of Bollinger’s band is $11.94, which acts the strongest support point for SOL.

The SOL/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. The market’s trend seems to be dominated by bears. The SOL/USD price appears to be moving downwards, illustrating a decreasing market. The market appears to be broken, which has triggered a reversal movement; there might still be hope for the bulls.

image 332
SOL/USD 4-hour price chart Source: TradingView

Solana price analysis reveals that the Relative Strength Index (RSI) is 29, showing an undervalued cryptocurrency stock. This means that the cryptocurrency falls in the undervalued region. Furthermore, the RSI appears to move linearly, indicating a consistent market. The equivalence of selling and buying activities causes the RSI score to remain dormant.

Solana price analysis for 1-day

Solana price analysis reveals the market’s volatility following an increasing movement, which means that the price of Solana is becoming more prone to experience variable change on either extreme. The Bollinger’s band’s upper limit is $14.57, serving as SOL’s strongest resistance. Conversely, the lower limit of Bollinger’s band is $12.52, which is another resistance point for SOL.

The SOL/USD price appears to be moving under the price of the Moving Average, signifying a bearish movement. Moreover, the market’s trend seems to have shown bearish dynamics in the last few days. As a result, the market has decided on a negative approach. However, today the market broke, the market started opening its volatility, and the price started moving downwards.

image 333
SOL/USD 1-day price chart Source: TradingView

Solana price analysis shows the Relative Strength Index (RSI) to be 35, signifying an undervalued cryptocurrency. This means that the cryptocurrency falls in the lower neutral region. Furthermore, the RSI path seems to have shifted to a linear movement. The dormancy of the RSI score also means equal selling and buying activities.

Solana Price Analysis Conclusion

Solana price analysis reveals the cryptocurrency follows a strong downward trend with much room for further activity on the declining extreme. Moreover, the market’s current condition appears to be following a negative approach. Therefore, we can assume that the bears will start making their moves soon to maintain their control over the market. However, the market seems to be broken, which can be considered a silver lining for the bulls.

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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