TL;DR Breakdown
- Solana price analysis is bearish today.
- SOL/USD pair is currently trading at $102.
- Solana trading price is $101.
Solana price analysis is bearish presently due to our expectation of a market reversal and a positive movement. Bears are doing all they can to keep control of the market, but as bulls gain momentum, their efforts are failing. The bears, on the other hand, have grown weary and no longer appear to be an obstacle in the bulls’ way. The current price of Solana is $102. We expect bulls to take the wheel and enable a bullish run for at least $110; however, resistance will appear at around $120.
SOL/USD pair has remained steady for quite some time now, and we believe this is due to bulls and bears balancing each other out for the past few months. However, the bulls have been gaining strength over the past few weeks, and we expect a bullish run to start soon. As of now, our Solana price analysis is bearish , but this is not a sign that it will remain so for long.
We predict that if possible, bulls will attempt to break $120 resistance at all costs. This will enable them to push the price of Solana northwards towards $150, where it is expected to meet resistance again. However, the bears are still just as powerful as they were last month. Although there has been no bearish movement for quite some time, we believe they will attempt to push the price of Solana south once more. In this case, a bearish run is expected with a potential target of $80 or lower.
Solana price analysis for 24-hours: Bears on wheels
SOL/USD has remained stable for quite some time now. This seems to be due to bulls and bears balancing each other out. We are still unsure which side is dominant at this point, but over the past couple of days, the bulls have been gaining strength.
However, there is resistance at $120. The bulls will try to break through this level, and if they succeed, a bullish run is expected towards $150 with resistance at around $130. This target may possibly be met by the end of the month.
Our Solana price forecast for today remains bearish in line with our earlier forecasts for the week. However, we are beginning to see signs of a bullish run, with bulls managing to keep the price above $100. If they are able to increase their influence over the market, we may possibly see Solana reaching our next target which is at around $150 by the end of this month.
Although it is still too early in the day to make any predictions, we believe that bulls will not manage to break through the resistance at $120. If this happens, bears may take over again which could lead to a drop in the price of Solana towards $80.
SOL/USD 4-hour price chart source:Â TradingView
The Solana price analysis reveals that the Relative Strength Index (RSI) score is 55 making the cryptocurrency stable, falling in the upper neutral region. Furthermore, the RSI score appears to decrease slightly, indicating the selling activity slightly overpowering the buying activity.
SOL/USD 4-hour price analysis: Recent developments
The Stochastic RSI indicator is moving further into the oversold region. Therefore, bulls are expected to take control of this market, but it will be at least a week or two before that happens. The current score of the Stochastic RSI indicator is -2.4, indicating a bullish run. However, the indicator appears to decrease slightly, which may show that bears are beginning to gain strength once again.
The MACD is in the bearish zone as indicated by the negative sign on the chart. As such, we can expect bulls and bears to continue balancing each other out for the next few days. The MACD is making a bearish crossover, which may show that bears are becoming more dominant than the bulls.
Solana price analysis: Conclusion
Solana market has seen little change over the past 24-hours. The cryptocurrency is still in a range bound movement with no clear indication of any bullish or bearish movements. am not currently investing in Solana, but I do plan to buy some soon.
