- The recent Solana price analysis shows a decrease in price.
- Price levels have dropped down to $174.96 today.
- Support is still considerably strong at $152.33.
The Solana price analysis is indicating a major decline in the price value today. The bears have been continually winning over the price charts, as the downtrend has been quite dominating for the market.
There has been an eminent rise in the bearish momentum as the latest update shows a decrease in price to $175. A further downtrend is to follow and it can be expected that the future might hold unfavorable circumstances for cryptocurrency.
SOL/USD 1-day price chart: Solana experiences first drop after a successive streak
The 1-day Solana price analysis chart is indicating a bearish trend for the market today, which has been quite unexpected. The price levels have downgraded abruptly, which has interrupted the continual bullish lead. Nonetheless, the reversal has been surprising as the further upgrade was predicted in the first place.
The bears have pulled down the price to the $174.21 level today, which is definitely shocking for the onlookers. This value is still above the moving average (MA) value which is still standing at $161 because of the bullish trend that followed last week.
The volatility has also increased and the Bollinger bands are keeping their average at $121.01. Furthermore, the upper Bollinger band value has moved up to $202 while its lower value has gone up to $40.35. If we talk about the Relative Strength Index (RSI) score, then it is still at a very high position i.e. 76.55, above the over-bought limit.
The SMA 20 curve is still also going above the SMA 50 curve because of the overwhelming bullish trend in the last week. SOL/USD lost 17 percent value in the last 24 hours.
Solana price analysis: Bears continue dragging price levels towards support
The 4-hours Solana price analysis shows that the bearish activity is still following up for cryptocurrency. The price levels have been dropping continuously and there is a great chance that they will touch the support level soon.
Earlier the day, the bulls have made successive attempts of going past the resistance at $214.74, but have failed because of the sudden drop in the price.
The bearish slope has been steady till now, as the price has lowered today as well till $175. While the moving average is still way above the price value and is standing firm at $191.4. The short-term trending line is going downwards as well, confirming the bearish supremacy.
The volatility has loosened up and has increased in the last hour, which is a relatively negative hint for the future. The Bollinger bands, on the other hand, are maintaining their average at $183.53 of value.
Whereas their upper value is present at the $214.74 level while their lower value is present at $152.33, respectively. The RSI score has also decreased significantly and is now standing at 49.20 which is a quite neutral value.
Solana price analysis conclusion
The given 1-day and 4-hours Solana price analysis is dictating that a sharp drop in the price levels has occurred today. The bears have been successfully maintaining their upper position, and today the price value has lowered further to $175.
There stands a strong chance of the price levels going below the $152.33 support as well if the current trend continues in the future.
Grayscale Launches Solana Trust for Accredited Investors
Grayscale Investments, the digital asset manager with over $50B in AUM, announced the launch of its 16th investment vehicle – the Grayscale Solana Trust.
- The company’s press release, dated November 30th, explained that the new Trust will “solely and passively” invest in SOL – the native cryptocurrency of the popular blockchain project, Solana.
- The product is already available for daily subscriptions by eligible individual and institutional accredited investors.
- The Grayscale Solana Trust has become the 16th investment product launched by the company, following such for Bitcoin, Ethereum, Chainlink, Stellar, Litecoin, Ethereum Classic, Decentraland, and more.
- “For the last eight years, Grayscale has been at the forefront of offering investors efficient exposure to the ever-evolving digital currency ecosystem. We have had a front-row seat to the mainstream acceptance and adoption of crypto and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.” – commented company CEO Michael Sonnenshein.
- Launched in 2013, Grayscale is now the largest cryptocurrency asset manager. Its AUM has skyrocketed in the past two years and currently exceeds $50 billion, according to the latest update from the firm.
- Grayscale is also actively trying to convert its largest Trust – GBTC – into a Bitcoin Spot ETF in the United States.
Grayscale Debuts New Trust for Solana
Grayscale Solana Trust has become the asset manager’s 16th investment product
Leading cryptocurrency money manager Grayscale Investments announced Tuesday that it had introduced a cryptocurrency trust for Solana, the fifth-largest cryptocurrency by market capitalization.
The newly launched investment vehicle makes it possible for accredited investors to gain exposure to the top “Ethereum killer” without actually holding the underlying asset, thus mitigating risks linked to custody.
CEO Michael Sonnenshein said that the company’s suite of offerings continues to expand together with the broader crypt ecosystem:
We have had a front-row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.
With the most recent addition, the Grayscale family is now comprised of 16 trusts. With $35.7 billion under management, the Bitcoin trust remains the company’s crown jewel.
Solana, a high-throughput blockchain, has managed to chip away at Ethereum’s share of the crypto market, taking advantage of the competitor’s exorbitant gas fees that make the second-largest blockchain too expensive for the average Joe. Its native SOL token is up over 1,000% since the start of April, becoming one of the top-performing cryptocurrencies of the year.
As reported by U.Today, FTX cofounder Sam Bankman-Fried recently said that Solana could possibly overtake Ethereum.
For now, such a scenario appears to be far-fetched since the former accounts only for 11% of the latter’s massive $553 billion market cap.
Solana Price Analysis: SOL finds resistance at $210, moves for another push lower?
- Solana price analysis is bearish today.
- SOL/USD saw rejection for upside around $210 yesterday.
- Bearish momentum returned overnight.
Solana price analysis is bearish today as we saw upside rejected at $210 yesterday, meaning another lower high has been set. Therefore, we expect SOL/USD to drop further later today and look to test previous lows again.
The market overall has traded mostly in the green over the last 24 hours despite Bitcoin being down by 0.49 percent. Meanwhile, Ethereum increased by 3.32 percent, while Solana (SOL) gained lost 0.18 percent.
Solana price movement in the last 24 hours: Solana sets another lower high, starts to move lower
SOL/USD traded in a range of $200.45 – $212.45, indicating mild volatility over the last 24 hours. Trading volume has declined by just 0.22 percent, totaling $2 billion. Meanwhile, the total market cap trades around $61.18 billion, ranking the coin in 5th place overall.
SOL/USD 4-hour chart: SOL looks to decline again
On the 4-hour chart, we can see bearish momentum returning for the Solana price action overnight, likely resulting in further downside tested later today.
Solana continued to decline over the past week with a new low found around $185 on the 26th of November. Therefore the overall, several-week trend continues to be clearly bearish, indicating we should see further downside until a strong higher high is set.
Over the weekend, SOL/USD went for another test of the $185 support, quickly spiking below it before rapidly pushing higher. The $210 minor support/resistance was reached yesterday, with rejection for further upside seen in the afternoon.
From there, the Solana price started to slowly move lower, indicating a new lower high had been set clearly. Overnight, bearish momentum continued, moving SOL/USD to the $200 mark. We expect the current bearish momentum to continue later today, leading to further downside tested.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today as we saw upside rejected at the $210 mark, leading to a slow decline overnight. Likely we will see SOL/USD continue even lower, potentially reaching back to the $185 previous major support.
While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.