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Solana price analysis: SOL bullish at $24.78

Solana price analysis: SOL bullish at $24.78

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest resistance is present at $39.03.
  • The strongest support is present at $21.56.

Solana price analysis for February 4, 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 $25.97 to $24.06. However, the market started to increase further in value soon after, as the cryptocurrency had already gained some of its value. Moreover, Solana has increased and reached $24.78, just shying away from the $25 mark.

Solana’s price today is $24.78, with a 24-hour trading volume of $1.11B, a market cap of $9.03B, and a market dominance of 0.81%. The SOL price increased by 0.35% 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 $26.80 (cycle high). The Solana price prediction sentiment is currently bullish, while the Fear & Greed Index shows 58 (Greed).

Solana’s current circulating supply is 362.91M SOL out of the max supply of 533.68M SOL. The current yearly supply inflation rate is 15.08% meaning 47.56M SOL was created in the last year. Regarding market cap, Solana is currently ranked #4 in the Proof-of-Stake Coins sector, #2 in the Solana Network sector, and #7 in the Layer 1 sector.

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 $24.87, with an open price of $24.92. Conversely, the low price of SOL is present at $24.82, with a change of -0.03% and a closing price of $24.86.

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 decreasing, illustrating a decreasing market. The market appears to attempt to cross the moving average band, which will trigger a reversal movement; this might prove fatal for the bulls.

image 56
SOL/USD 1-day price chart Source: CoinCodex

Solana price analysis reveals that the Relative Strength Index (RSI) is 60, showing a stable cryptocurrency stock. This means that the SOL cryptocurrency falls in the upper-neutral region. Furthermore, the RSI appears to move linearly, indicating a consistent market. The equivalence of selling activities and buying activities causes the RSI score to remain dormant.

Solana price analysis for 7-days

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 high value is present at $24.55, with an open price of $24.92. Conversely, the low price is $24.48, with a change of 1.43% and a closing value of $24.90.

The SOL/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. However, 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.

image 57
SOL/USD 7-day price chart Source: CoinCodex

Solana price analysis shows the Relative Strength Index (RSI) to be 46, signifying a stable cryptocurrency. This means that the cryptocurrency falls in the central-neutral region. Furthermore, the RSI path seems to have shifted to a downward movement. The decreasing RSI score also means dominant selling activities.

Solana Price Analysis Conclusion

Solana price analysis reveals that the SOL cryptocurrency has a decreasing trend with much room for further activity on the decreasing extreme. Moreover, the market’s current condition appears to be following a negative approach. Therefore, we can assume that the bears will start moving 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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