logo

Solana price analysis: SOL could see bullish breakout soon as horizontal trend extends at $12

Solana price analysis

TL;DR Breakdown

. Solana price continues to trend horizontally around $12 mark
. SOL has been in downtrend since early November
. Price could be set for a bullish reversal in the winter

Solana price analysis continues to show a bearish trend from the past 24 hours, as price remains stuck around the $12 mark. The current trend follows from December 16, when SOL receded 12 percent to move down to $11.96. Since then, the Ethereum-alternative has been trending horizontally on the daily chart in a bearish crypto market. After trending low since early November, SOL could be set for a bullish return during the crypto winter. The immediate resistance is at $12.31 and Solana price will have to set a weekly high at $12.73 on the 4-hour price action for a breakout to materialise.

The larger cryptocurrency market remained bearish over the past 24 hours, as major cryptocurrencies recorded minor declines. Bitcoin stayed in touch of the psychologically crucial $17,000 mark, whereas Ethereum remained at $1,200. Among Altcoins, Ripple dropped 1 percent to sit at $0.34, whereas Dogecoin dipped 2 percent to sit at $0.07. Cardano also showed a bearish return, receding 3 percent to move down to $0.25, while Polkadot also dropped 3 percent to settle at $4.47.

Screenshot 2022 12 21 at 5.48.35 PM
Solana price analysis: Cryptocurrency heat map. Source: Coin360

Solana price analysis: RSI moves into oversold region on daily chart

On the 24-hour candlestick chart for Solana price analysis, price continues to trend sideways around the $12 mark and faces the next resistance point at $12.31. Over the past 24 hours, SOL has also moved below the 50-day exponential moving average (EMA) at $12.54, decreasing 2 percent to slide down to $12.03. Trading volume over the past 24 hours dropped by 23 percent, indicating a continued stagnant market for SOL.

SOLUSDT 2022 12 21 22 52 22
Solana price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can be seen lowering into the oversold zone at 35.77, and would need sufficient backing from buyers to form a breakout. The moving average convergence divergence (MACD) curve also shows a bearish divergence in place as the trend line can be seen on the cusp of crossing the signal line. Further invalidation of a potential bullish sentiment will be erased if price falls below the monthly low of $10.94.

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

Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle
Litecoin price analysis: Bears continue to drive LTC down to $97.82
Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike
US SEC plans to scrutinize crypto advisory firms in 2023
Cardano price analysis: Can the bulls break past the $0.4000 mark?

Follow Us

Industry News

US SEC plans to scrutinize crypto advisory firms in 2023
Former JP Morgan banker heads SEBA's Asia pacific division
Russian bank Gazprombank worried about digital ruble impact on fiat
AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships

Add Your Heading Text Here