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Solana price analysis: SOL increases its value to $13.47

Solana price analysis: SOL increases its value to $13.47

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The strongest resistance is present at $42.61.
  • The strongest support is present at $9.03.

Solana price analysis for January 8, 2023, reveals the market following a partial bullish movement; moreover, 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 $13.52 to $12.91. However, the market started to increase further in value soon after, as the cryptocurrency had already gained most of its value. Moreover, Solana has increased and reached $13.47, just shying away from the $13.50 mark.

Solana price today is $ 13.48 with a 24-hour trading volume of $ 835.87M, a market cap of $ 4.89B, and a market dominance of 0.58%. The SOL price increased by 2.16% in the last 24 hours. Solana reached its highest price on Nov 6, 2021, when it was trading at its all-time high of $ 259.52, while Solana’s lowest price was recorded on n/a when it was trading at its all-time low of $ 0.00. The lowest price since its ATH was $ 8.09 (cycle low). The highest SOL price since the last cycle low was $ 14.09 (cycle high). The Solana price prediction sentiment is currently neutral, while the Fear & Greed Index is showing 25 (Extreme Fear).

SOL/USD 1-day 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 high price of the SOL cryptocurrency is $13.57, with an open price of $13.57. Conversely, the low price of SOL is present at $13.47, with a change of -0.73% and a closing price of $13.47.

The SOL/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The market’s trend seems to be dominated by bulls. The SOL/USD price appears to be moving upwards, illustrating an increasing market. The market appears to be moving towards the resistance band, which could trigger a reversal movement; there might still be hope for the bulls.

image 148
SOL/USD 1-day price chart Source: CoinCodex

Solana price analysis reveals that the Relative Strength Index (RSI) is 58, showing a stable cryptocurrency stock. This means that the SOL cryptocurrency falls in the upper-neutral region. Furthermore, the RSI appears to move upward, indicating an increasing market. The dominance of buying activities over selling activities causes the RSI score to increase.

Solana price analysis for 1-day

Solana price analysis reveals the market’s volatility following a decreasing movement, which means that the price of Solana is becoming less prone to experience variable change on either extreme. The high value is present at $13.69, with an open price of $13.33. Conversely, the low price is $13.30, with a change of 1.03% and a closing value of $13.47.

The SOL/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. Moreover, the market’s trend seems to have shown bullish dynamics in the last few days. As a result, the market has decided on a positive approach.

image 149
SOL/USD 7-day price chart Source: CoinCodex

Solana price analysis shows the Relative Strength Index (RSI) to be 33, signifying an unstable cryptocurrency. This means that the cryptocurrency falls in the devalued region. Furthermore, the RSI path seems to have shifted to an upward movement. The increasing RSI score also means dominant buying activities.

Solana Price Analysis Conclusion

Solana price analysis reveals that the SOL cryptocurrency has an increasing trend with much room for further activity on the increasing 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 initiate their control over the market.

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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