Solana Price Analysis: SOL Up By 1.37%, Time to Buy?


  • Solana has a medium term resistance at $37.16.
  • The current trading volume of Solana is at $605,525,285.00.
  • SOL rose 0.17% in seven days.
  • The price of Solana rose by 1.37% in the previous 24 hours.

03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $938,674,107,757. The total trading volume stands at $53,771,713,429. Bitcoin shares 39.72 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,449.78 level after an upward movement of 1.29%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.85 percent reaching to $1,321.44 during the previous 24 hours.
While publishing this blog, BNB traded at $287.58, following a price change of 1.59% within the same time frame. XRP the native coin of XRP is down by -1.56 and currently trading at $0.45. Additionally, Cardano reached $0.43 after seeing a uplift of 0.31% 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 $35.14 Support Level 1 $31.37
Resistance Level 2 $37.16 Support Level 2 $29.62
Resistance Level 3 $38.91 Support Level 3 $27.60

Solana Performance

The price of Solana (SOL) is at $32.98, up 1.37% in the past 24-hours and has a price change of 0.17% over the week. One day trading volume for BTC is 605,525,285.00 USD while total marketcap reached $11,720,978,322.00 USD. There are almost 355,415,782 are in circulation out of 511616946.

Solana Price Analysis

SOL price analysis for 03 October 2022 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) 33.12 Sell
Exponential Moving Average (10) 33.00 Sell
Simple Moving Average (20) 32.78 Buy
Exponential Moving Average (20) 32.75 Buy
Simple Moving Average (50) 34.27 Sell
Exponential Moving Average (50) 34.20 Sell

The SOL/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. While SOL’s Williams %R indicator is at -55.493 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. SOL has a nearest resistance of $35.14. A bullish breakout in this resistance level would boost the uptrend momentum. The buyers could then target the resistance R2 placed at $37.16. Alternatively, if the investors turn against the Solana (SOL), the bears might control the market and take SOL price below the crucial support level of $31.37. The Relative strength index (RSI) for SOL Coin is currently hovering at 55 for 14-days average line, which means SOL is moving towards overbought zone.

Conclusions

Solana market shows a bullish signs, and bulls can push SOL higher in the coming sessions. SOL has a resistance at $35.14, beyond which the coin would move toward next crucial resistance at $37.16.