Solana price analysis for March 16, 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 $11.32 to $18.92. 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 $19.66, just shying away from the $20 mark.
As of March 16, 2023, the current price of Solana is $19.66 with a 24-hour trading volume of $1.92 billion and a market capitalization of $7.54 billion. Its market dominance is 0.69%. In the last 24 hours, the price of SOL has decreased by 4.23%.
Solana’s all-time high was achieved on November 6, 2021, when it reached $259.52, while its all-time low was recorded on May 11th, 2020, at $0.503701. Since its all-time high, SOL has had the lowest price of $8.12 and the highest price of $27.16.
Currently, the sentiment for Solana’s price prediction is bearish, and the Fear & Greed Index shows a neutral score of 52. Solana’s circulating supply is 383.10 million SOL out of a maximum supply of 533.68 million SOL. The yearly supply inflation rate is 19.07%, resulting in the creation of 61.36 million SOL in the last year. In terms of market cap, Solana is 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 increasing dynamics. The high price of the SOL cryptocurrency is $19.84, with an open price of $19.77. Conversely, the low price of SOL is present at $19.67, with a change of -0.69% and a closing price of $19.67.
The SOL/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The price seems to almost break past the moving average band, which would make the bears dominant in the market. The SOL/USD price appears to be increasing, illustrating an increasing market. The market appears to move toward the resistance band, which might trigger a reversal movement; this might prove in favor of the bulls.
Solana price analysis reveals that the Relative Strength Index (RSI) is 44, showing a stable cryptocurrency stock. This means that the SOL cryptocurrency falls in the central neutral region. Furthermore, the RSI appears to move upward, indicating an increasing market. The dominance of buying activities causes the RSI score to increase.
Solana price analysis for 7-days
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 $19.84, with an open price of $19.55. Conversely, the low price is $19.39, with a change of 0.57% and a closing value of $19.66.
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 some negative dynamics in the last few days. As a result, the market has decided on a downward approach.
Solana price analysis shows the Relative Strength Index (RSI) to be 42, 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 consistent trend with much room for further activity on either extreme. Moreover, the market’s current condition appears to be following a linear approach. Therefore, we can assume that the bulls will move to take control of the market.