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Solana Price Analysis: Will SOL again Showcase its Potential?
- First support level for Solana is at $28.20.
- Solana is presently valued at $142.77
- SOL price flashes signs of bearishness on 7-days price chart.
- Solana’s EMA(10) shows a upward trend.
20 April 2024 : In this article we will walk you through Solana price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Solana, Is SOL a good investment? Solana support & resistance levels etc. But before diving deep into the SOL technical analysis, let us talk about the current market conditions.
Market Analysis
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,329,585,633,245. The total trading volume stands at $64,375,365,493. Bitcoin shares 53.97 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $63,852.65 level after a decline of -1.08%.
A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -0.65 percent reaching to $3,060.57 during the previous 24 hours.
While publishing this blog, BNB traded at $559.95, following a price change of 0.33% within the same time frame.
SOL the native coin of Solana is down by -1.78 and currently trading at $142.77.
Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Solana Support and Resistance
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Solana (SOL)
| SOL Resistance Levels | SOL Support Levels | ||
|---|---|---|---|
| Resistance Level 1 | $32.43 | Support Level 1 | $28.20 |
| Resistance Level 2 | $34.32 | Support Level 2 | $25.86 |
| Resistance Level 3 | $36.66 | Support Level 3 | $23.97 |
Solana Performance
The price of Solana (SOL) is at $142.77, down -1.78% in the past 24-hours and has a price change of -4.59% over the week. One day trading volume for BTC is 2,803,075,507.00 USD while total marketcap reached $63,791,203,619.00 USD. There are almost 446,812,575 are in circulation out of 574282577.
Solana Price Analysis
SOL price analysis for 20 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Solana.
| Moving Averages | Price | Indicator |
|---|---|---|
| Simple Moving Average (10) | 30.95 | Buy |
| Exponential Moving Average (10) | 30.98 | Buy |
| Simple Moving Average (20) | 32.06 | Buy |
| Exponential Moving Average (20) | 31.97 | Buy |
| Simple Moving Average (50) | 32.51 | Buy |
| Exponential Moving Average (50) | 32.45 | Buy |
The SOL/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While SOL’s Williams %R indicator is at -49.481 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The Relative strength index (RSI) for SOL Coin is currently hovering at 31 for 14-days average line, which means SOL is just recovering from a oversold condition.
Conclusions
Solana is now experiencing a significant bearish trend, this does not necessarily imply that the cryptocurrency is in any type of precarious situation that cannot be rectified. Even if the price is falling steadily, it is anticipated that the two support levels will serve as strong barriers and cause the trend line to rebound back into the positive zone.