SOL gains positive momentum at $17.52 – Cryptopolitan

Solana price analysis for March 11, 2023, reveals the market following a partial bullish movement; moreover, Solana has obtained massive negative momentum, signifying a decline for the SOL market. Solana’s price has been experiencing a decline in the last few hours, dropping from $18.30 to $16.09 yesterday. However, there has been some recovery in the market as the cryptocurrency regained some of its value. Presently, Solana has rebounded and is trading at $17.52, coming close to the $18 mark.

Solana’s current price is $17.47, with a 24-hour trading volume of $2.37B, a market capitalization of $6.69B, and a market dominance of 0.71%. Over the last 24 hours, SOL’s price has increased by 2.98%. Solana’s highest price of $259.52 was recorded on Nov 6, 2021, while its lowest price of $0.503701 was recorded on May 11, 2020. Since its ATH, the lowest price was $8.12 (cycle low), and the highest price was $27.16 (cycle high).

At present, Solana’s price prediction sentiment is bearish, with a Fear & Greed Index of 33 (Fear). The circulating supply of SOL is currently 382.82M out of a maximum supply of 533.68 M. The yearly supply inflation rate is 18.97%, indicating that 61.05M SOL was created in the last year. 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 in terms of market cap.

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 $17.58, with an open price of $17.56. Conversely, the low price of SOL is present at $17.44, with a change of -0.30% and a closing price of $17.49.

The SOL/USD price is currently below the Moving Average price, indicating a bearish trend. The price has broken through the moving average boundary, indicating that bears have control of the market. However, the SOL/USD price is rising, indicating an overall upward trend in the market. The market seems to be approaching a resistance boundary, which could cause a reversal and favor the bulls.

Solana price analysis reveals that the Relative Strength Index (RSI) is 32, showing an unstable cryptocurrency stock. The SOL crypto is in the lower neutral region, and the RSI is trending downward, indicating a declining market. The dominance of selling activities is causing the RSI score to decrease.

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 $17.76, with an open price of $17.31. Conversely, the low price is $17.13, with a change of 0.16% and a closing value of $17.48.

The SOL/USD price is currently below the Moving Average, which suggests a bearish trend. Additionally, the market has experienced some negative dynamics in recent days, leading to a downward trend. This means that sellers are dominating the market, leading to a decrease in prices.

Solana price analysis indicates that the Relative Strength Index (RSI) is currently at 40, suggesting that the cryptocurrency is stable and in a neutral position. However, the RSI appears to be trending downward, which indicates an increase in selling activity in the market.

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.