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Solana (SOL)

SOL Price Analysis: Solana (SOL) Falls 35% From All Time High, Here Are the Levels to Watch?

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  • SOL  price has fallen over -35% from its ATH set this week
  • SOL Price has formed a broadening wedge
  • 30MA continues to act as support

Will Bulls Hold?

Solana (SOL) price has been one of the best performing coins over the last few weeks as prices have risen from $70 to $190 in a little over two weeks. This price action has been truly impressive as SOL is now a top 10 cryptocurrency by market cap. Solana is a highly functional open source project that aims to provide decentralized finance solutions using its highly efficient blockchain. SOL now has many advantages to other blockchains such as ETH, Solana (SOL) can process a massive amount of transactions for a little amount of cost. All these features have led many big players to become bullish on the Solana ecosystem.

While looking over the last few weeks, we can see how SOL price has been holding above a support trend line. This price action has formed a pattern which is called an ascending broadening wedge. As time moves on, each trend line of this pattern spreads out more. For the past few weeks, price has highly respected each of these trend lines.

At the time of writing, SOL is attempting to hang on to its bottom support trend after the crypto market went for a nasty fall yesterday. For SOL to continue on with its bullish trend, it must stay above this trend & break above the major resistance mark of $167.

Solana Price Analysis: SOL/USDT 4 Hour ChartLive Chart

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Considering that SOL price is currently trading above its major support of $151 along with the support trend line that has held for many weeks, we can assume a break below these marks will be disastrous for short term growth. Along with these two major support marks lie the 30MA which has acted as support ever since $70. In the case that bulls fail to hold these marks & price gets pulled below, we should expect SOL price to start a short term downtrend that will first land prices within the major support of $127-$136.

  • While looking at the Stochastic RSI, we can see that strength has fully reset into the oversold territory. The MAs have been curling around which may indicate a bounce is soon to come. The strength must break above the 50 value to be confirmed back into a bullish state.
  • While looking at the MACD we can see a support level that has been respected for nearly 2 weeks now. As long as the MAs of the MACD can hold above this support, SOL price is in a bullish state.

SOL Intraday Analysis

  • Spot rate: $155
  • Trend: Bullish
  • Volatility: Medium
  • Support: $151
  • Resistance: $167

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Solana (SOL)

Solana(SOL) Price Appears Promising, $300 Target is Incoming Yet $500 Is Imminent

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Many altcoins have gained bullish momentum and flipped the bears in the past couple of days. The bears had dragged most of the cryptos below the support levels, yet the fresh surge uplifted the price. However, Solana price following the bullish trend is testing one of the important zones. A successful breach through these levels could lead the SOL price on fire that may hit $300 by the EOY.

Solana maintained a considerable bearish trend for the whole of November and hence when the Bitcoin price ignited a trend reversal, SOL followed. At present, the asset has broken the resistance which connected all the tops in the past couple of weeks. Therefore the potential target in the short-term remains between $240 to $260. However, the upper target for the price still remains much distinct. 

The asset always maintained a stable rally and recovered quickly after experiencing notable pullbacks. Currently, after attempting to breach the important resistance at $241, the asset faced a rejection multiple times. And hence formed a double bottom pattern that appears to form yet another bottom soon. 

The bears seem to have been preparing to extract their profit and hence a small drop could be well in place. The corrections may prevail around the local support levels at $212. This is when the Solana price may get a nice boost to rebound with maximum strength. And eventually, uplift the price above $250 very soon. Yet $300 still remains the target to be achieved in the short term, and amid the bull run, the SOL price may rise as high as $500.

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Solana

Solana price positioned for new bull rally towards $275

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  • Solana price breaks out above bull flag, indicating uptrend continuation.
  • Moving and holding above $220 is essential to continue bullish momentum.
  • Failure to extend higher here could see new monthly lows.

Solana price has hugged the top of the Cloud (Senkou Span A) as its primary support level for the past week. The respect of Senkou Span A as support has resulted in Solana moving and closing above one of the two Ichimoku levels necessary to confirm a new uptrend.

Solana price must close above the $220 value area before testing $275

Solana price is up against its primary and final Ichimoku resistance level on the daily Ichimoku chart. The Kijun-Sen within the Ichimoku system represents medium-term support and resistance and is the primary level for intraday and intraweek trading strategies within the Ichimoku system. The Kijun-Sen at the $220 level is precisely where Solana finds itself pushing against.

A daily close of Solana price above $220 provides more protection from near-term downside movement than it does upside potential for a couple of reasons. First, a close above the Kijun-Sen would convert the Kijun-Sen from a resistance level to support. Second, because retests of breakouts from bull flags are extremely common, the combination of the Kijun-Sen and top of the bull flag create a double-support structure.

SOL/USDT Daily Ichimoku Chart

Solana price does have downside risks. The Composite Index has created a high above the previous high peak on November 21st, while the candlestick chart shows the current daily high is lower than the November 21st high. This creates a condition known as hidden bearish divergence – a warning that the current drive higher may fail.

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It is essential that Solana price close above the November 21st open of $217, or the hidden bearish divergence may push Solana back into the bull flag and likely even lower to test the bottom of the Cloud (Senkou Span B) at $184.

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Solana (SOL)

Solana Price Analysis:- The bulls broke the resistance, and they are trying their best to increase the price. Will this bullish trend continue?

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  • The trading volume of SOL Coin in the last 24hr at the time of writing this article is +49%
  • The prices of SOL/BTC and SOL/ETH at the time of writing this article are 0.003811 BTC and 0.04595 ETH, respectively.
  • The 50MA is acting as a support.

Long term view:- 

In the daily chart time interval, the price broke the support of the 20MA and 50 MA and again, the bulls pushed the price up again, and the price is currently between 20MA and 50MA. Let’s look at the technical indicator to see if the bulls will reverse the support, or the bears will break the support? 

Firstly, we can see the MACD, which shows a red histogram as the MACD line is below the signal line, but the MACD line is heading towards the signal line. If the crosses, then it is a buy signal line for the traders. 

In addition to that, the RSI is in the neutral zone near 52, and the RSI line is pointing towards the overbought zone of 70, which means the bulls are winning the fight against the bears in the order book. Lastly, the 20MA is above the 50MA, and both are above the 100MA, but the 20MA is changing its direction and is heading towards the 50MA, which is bearish. 

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Short term view:- 

In the 4-hour time interval, the price broke the 100MA resistance as the bulls pushed the price up. The MACD shows a green histogram as the MACD line is above the signal line, and there is no sign that lines will change their direction soon, but the lines are very close to each other. 

In addition to that, the RSI is in the neutral zone near 62, and the RSI line is pointing towards the overbought zone, which means the bulls are winning the fight against the bears in the order book. 

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Lastly, the Moving average shows that the 20MA is below the 50MA, and both are below the 100MA, but the 20MA is heading towards the 50MA. If it crosses, it will be a bullish sign.  

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Conclusion:- 

Looking at both long term and short term, the trend is bullish as shown in the daily chart, and the 4-hour chart as the MACD in the 4hour shows a bullish sign, and the crossing in the daily chart is also a bullish sign for the traders. In addition to that, the RSI in both cases is pointing towards the overbought zone. Hence, the trend is bullish. 

RESISTANCE:- $230,$249

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SUPPORT:- $194,$171   

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