TL;DR Breakdown
- Solana price analysis is bearish today.
- Strong resistance present at $171.
- Solana trading price is $106.
The Solana price analysis is bearish today as we expect the bears to continue ruling over the market with their unparalleled control against the bulls. On the other hand, the bulls are trying hard to get back into action and take control to raise the price of SOL. Therefore, the bears might have to be cautious as we look at new bullish market possibilities. The SOL/USD price has gradually increased today; on January 22, 2022, the price rose from $112 to $106 while maintaining this momentum as it continues to decline in value. Solana has been down 15.15% in the last 24 hours, with a trading volume of $3,384,940,114.
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 solid bearish movement, with the volatility significantly growing. As a result, the upper limit of the Bollinger’s band rests at $150, serving as a strong resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $108, serving as another resistance point rather than the support for SOL.
The SOL/USD price travels under the Moving Average curve; this signifies the market following a bearish movement. So we can see the market had opened its volatility in the past few days as bears continued their hold on the market. However, with the SOL/USD price breaking the support, this could give potential to new reversal opportunities—good news for the bulls.
The Relative Strength Index (RSI) score is 19 making the cryptocurrency show tremendous devaluation, falling in the undervalued region. Furthermore, the RSI score seems to move downwards, signifying intense selling activity.
Solana Price Analysis for 24-hours: Support broken
The Solana price analysis has experienced fluctuations in the last few days; as the market enters the bearish domain, it stops its volatility to maintain its consistency. With the market volatility still dormant, 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 $171, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $112, serving as another resistance point rather than the 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 a downwards movement, indicating the dedication of the bears, which caused the support to break, implying that a breakout is happening, which could potentially result in a reversal.
The Relative Strength Index (RSI) score appears to be 23, showing the cryptocurrency falls headfirst on the undervalued side. However, the RSI score follows a downwards path indicating further depreciation and firm selling activity.
Solana Price Analysis Conclusion
Solana price analysis remains bearish as the volatility remains dormant, resulting in a bearish movement in the next few days. The momentum of the selling activity leads us to believe that the market will stay bearish for a while. However, this does not disregard the potential for a reversal which is inevitable; once that happens, the bulls can come and regain the losses.
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.
Source: https://www.cryptopolitan.com/solana-price-analysis-2022-01-22/