TL;DR Breakdown
- Solana price analysis is bearish today.
- Strong resistance present at $169.
- Solana trading price is $96.
The Solana price analysis is bearish today as we expect a reversal in the market, as the bulls are trying hard to reclaim the market as they gain tremendous momentum. On the other hand, the bears have grown tired but still won’t go down quickly, and they continue to prove to be a significant obstacle in the bulls’ pat. Therefore, the bears might soon lose as we look at new bullish market possibilities. The SOL/USD price has gradually increased today; on January 26, 2022, the price rose from $91 to $96 while maintaining this momentum as it continues to grow in value. Solana has been up 3.85% in the last 24 hours, with a trading volume of $2,698,048,698.
SOL/USD 4-hour price analysis: Recent developments
The most recent developments in the Solana price analysis have led us to believe that the current state of the market appears to have entered a bullish movement, with the market entering a squeeze after a massive volatile period. Moreover, the market has significantly maintained a bullish trend, tiring out the bears in the past few hours. As a result, the upper limit of the Bollinger’s band rests at $102, serving as a strong resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $84, serving as the strongest support for SOL.
The SOL/USD price travels over the Moving Average curve; this signifies the market following a bullish movement. So we can see the market had closed its volatility in the past few days. However, with the bulls coming in more vigorous than ever, it is only a matter of time before they will engulf the market. On the other hand, the price of Solana appears to follow a precise movement which implies a somewhat stable movement.
The Relative Strength Index (RSI) score is 46 making the cryptocurrency fall in the lower neutral zone in the stable region. Furthermore, the RSI score increases significantly, indicating intense buying activity and further increment in the value of Solana.
Solana price analysis for 24-hours: SOL tries for a reversal
The Solana price analysis has maintained a bearish movement in the last few days; as the market tries to escape the bearish domain. With the market volatility increasing slightly, the bulls gain a substantial possibility to return and capture the market, increasing the value. As a result, the upper limit of the Bollinger’s band rests at $169, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $86, serving as the strongest support for SOL.
The SOL/USD price appears to be crossing under the Moving Average curve, pointing towards a bearish momentum. Furthermore, the price can be traced following an upwards movement, indicating the efforts of the bulls to raise the price.
The Relative Strength Index (RSI) score appears to be 27, showing the cryptocurrency slightly falls on the undervalued side. However, the RSI score follows a slight upwards path indicating its palpable exit from the undervalued region and movement towards stability. The increase in the RSI score indicates firm buying activity, outweighing the selling activity.
Solana Price Analysis Conclusion
Solana price analysis remains bearish as the volatility increases slightly, giving room to bullish opportunities. The bears have taken the market elegantly, but it seems the bulls’ efforts will finally pay off, and the market trend will most likely sift in the next few days.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-01-26/