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Solana price analysis: Where is the asset headed next?

Solana price analysis

TL;DR Breakdown

  • Solana price analysis suggests sideways movement at $16.00
  • SOL faces resistance at the $17.00 mark
  • The closest support level lies at $15.50

The Solana price analysis shows that the SOL price action has struggled to move away from the $16.00 price level as either side struggles to initiate a rally. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include AVAX and NEAR, recording a 23.27 percent and a 9.57 percent incline, respectively. 

Solana price analysis: SOL consolidates at $16.00

image 221
Technical indicators for SOL/USDT by Tradingview

The MACD is currently bearish, as expressed in the red colour of the histogram. However, the indicator shows low bearish momentum as observed in the low height of the histogram. On the other hand, the darker shade of the histogram suggests a declining bullish momentum as the price struggles to climb past $12.50.

The EMAs are currently trading high above to the mean position as net price movement over the last ten days remains positive. However, the EMAs move close together suggesting low momentum across the timeframe. Moreover, the diverging EMAs suggest an increasing bearish pressure for the asset. 

The RSI briefly rose to the overbought region but has since gone back into the neutral region as SOL got rejected at the $17.00 price level. Currently, the index is trading at the 59.79 mark showing steady bullish momentum with a horizontal slope suggesting an equilibrium between both sides of the market. 

The Bollinger Bands were wide as the price was rising to the $17.00 mark but started to converge as the price action was rejected at the level and fell back to the $16.00 level. Currently, the price is trading close to the indicator’s mean line with very low volatility suggesting rapidly converging Bollinger Bands. The indicator’s bottom line provides support at the $15.57 mark while the upper limit presents a resistance level at the $16.82 mark.

Technical analyses for SOL/USDT

Overall, the 4-hour Solana price analysis issues a buy signal, with 13 of the 26 major technical indicators supporting the bulls. On the other hand, only four of the indicators support the bears showing low bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Solana price analysis does not share this sentiment and instead shows a neutral sentiment with 10 indicators supporting each side of the market. The analysis shows a struggle for dominance between the bulls and the bears across the daily charts. Meanwhile, the remaining six indicators remain neutral and do not issue any signals at press time. 

What to expect from Solana price analysis?

image 222
4-hour price chart by Tradingview

The Solana price analysis shows that the Solana market is enjoying a strong bullish ally as the price rose from $10.00 to the current $17.000 in the last 10 days. Currently, the price is facing strong resistance at the level and the bulls appear to be overstretched, however, if the bulls break above $17.00, the next resistance level lies at the $18.00 mark. 

Traders should expect SOL to slow down at the level as while the technical analyses are bullish, the short-term charts support the bears suggesting a lack of bullish momentum across the 4-hour chart. Currently, the price can be expected to trade in the $15.50-$16.50 range while a breakout in either direction would start a rally.

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.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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