TL;DR Breakdown
- Solana price analysis is bearish today.
- Strong resistance present at $122.
- Solana trading price is $84.
The Solana price analysis is bearish today as we see a bullish potential rising to take the throne from the bears. Bulls are trying hard to end the bearish regime on the market, and as bulls gain tremendous momentum, it puts the bears in a terrible position. At the same time, the bears are growing tired and cannot maintain their hold on the market, and they no longer pose a threat to bulls.
The SOL/USD price has significantly increased today; on February 22, 2022, the price rose from $81 to $85, declining soon after to $84. Solana has been down 3.56% in the last 24 hours, with a daily trading volume of $2,813,684,954. It currently ranks at #8 with a live market cap of $27,167,124,137 and a circulating supply of 319,792,726 SOL coins.
SOL/USD 4-hour price analysis: Recent developments
The Solana price analysis has led us to believe that the present condition of the market appears to have great bullish potential as the price moves upwards. Moreover, the market has significantly maintained a bearish trend, tiring out the bears in the past few hours. As a result, the upper limit of the Bollinger’s band rests at $95, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $81, serving as a support point for SOL.
The SOL/USD price travels under the Moving Average curve, indicating the market following a bearish movement. So, we can see the market has opened its volatility in the past few days, however, with the bulls coming in more vigorously than ever. As a result, the Solana price has the potential to move towards positivity. In addition, the SOL/USD price seems to move towards the Moving Average curve, signifying a possible reversal movement, which could boost the positive potential of the market.
The Solana price analysis reveals that the Relative Strength Index (RSI) score is 40 making the cryptocurrency stable, falling in the upper neutral region. Furthermore, the RSI score remains dormant, indicating the buying activity equalizing the selling activity while moving towards stable dynamics.
Solana price analysis for 24-hours: SOL gains volatility
The Solana price analysis had maintained a bearish movement in the last few days. With the market opening the squeeze, the bears gain a substantial possibility to maintain their stance and make plans for a long-term regime, making the value of the cryptocurrency less volatile to change. As a result, the upper limit of the Bollinger’s band rests at $122, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $79, serving as the strongest support for SOL.
The SOL/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. However, the price can be traced following a downward movement, indicating massive bearish opportunities.
The Relative Strength Index (RSI) score appears to be 35, showing the cryptocurrency’s devaluation. It falls in the lower neutral region. However, the RSI score follows a slight upwards path marking its exit from the undervalued area and movement towards stability. The increase in the RSI score indicates firm buying activity, outweighing the selling activity.
Solana Price Analysis Conclusion
The Solana price analysis remains bearish as the market shows massive potential for further bearish opportunities. However, as the volatility increases, the bears gain massive opportunities to conserve their movement.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-02-22/