Solana is considered one of the most ambitious projects within the cryptocurrency market. It officially launched in 2021 with enthusiasm. During the bull market weeks or days, the SOL coin achieved a massive price profit.
The bear market has slowed the upsurge of scalable and efficient cryptocurrency. Is Solana’s crypto asset still a smart buy? In this Solana price analysis, we’ll consider the prospects of this crypto asset and evaluate how high its price will reach in the future years. Without further ado, let’s dive in!
Technical Analysis
Since the 22nd of November, there has been a substantial increase in the price of the crypto, as after finding support, the price was shockingly recovering fast. However, the most recent report shows the price has declined to $14.16. It’s also expected that a further decline will happen, and the price will keep covering a downward range.
Considering the price came close to the resistance zone, the one-day Solana price analysis chart presents a bearish trend for the market today that was to be anticipated. The continuous bullish lead has been wrecked by the start of the downward drift in price levels. Still, the reverse momentarily stopped the recovery progress.
Also, the bears have pulled down the price to the $14.16 level today, as it already loses 1.16% value throughout the past twenty-four hours. Nonetheless, the coin’s price is still above the moving average value, which is still standing at $13.25 due to the bullish trend that followed through the past few days.
The SMA 20 curve is still going below the SMA 50 curve due to the overpowering bearish trend that was clear over the past two weeks.
As you can see, the volatility has declined, and the Bollinger bands are enduring their average at $16.20. Also, the upper Bollinger band value has shifted to $27.45, symbolizing the resistance, while its lower value has increased to $4.95, showcasing the support.
When it comes to the Relative Strength Index, it’s still in the lower neutral array at index 36.
Take note that the four-hour Solana price analysis demonstrates that crypto is still facing some negative market sentiments. The price levels have been continuously declining, and there’s a robust likelihood that they’ll do so in the future.
The price dip before stopped the bulls from succeeding in their efforts to go past the barrier at $14.55.
As its price settles on the lower corner at $14.15, the market is still selling under pressure. The price value is more than the moving average, trending at $14.36. The short-term trending mark is moving down, supporting the bearish dominance.
In the previous hour, the volatility has already loosened up and grown, which is quite an unfavorable indication for the future. Meanwhile, Bollinger’s hands are keeping their average at $14.15, along with the lower and upper values, being present at $11 and $15.63 correspondingly. On top of that, the RSI score has substantially declined and is standing at 56, which is a somewhat neutral value.
Analysis Conclusion
Based on the price analysis, we can see a decline in the price of Solana today. The increasing price trend has once more been stopped as the result of the bears’ efficient maintenance of their resistance.
Also, if the selling pressure continues in the upcoming hours, there’s a great risk that the crypto levels will fall further, potentially toward the $13 zone.
FAQs
Q: Is Solana a good investment?
Solana is still considered one of the fastest blockchains with a bright future ahead as its tech persists in improving. The 12th biggest crypto according to its market cap, its popularity is still increasing. It had a massive upswing in 2021 but dished along with the rest of the market in 2022.
Q: Does Solana have a good future?
Each year, crypto analysts estimated that SOL will be traded between $123.18 and $155.96 in 2028. Also, the average cost is anticipated to be at least $126.85 during the year.
Q: Is Solana the next Bitcoin?
SOL is a crypto asset with the highest potential to become the next Bitcoin. It has an unsurpassable value proposition and a growing ecosystem of tech entrepreneurs, developers, an ecosystem of users, and brand advocates.
Q: Is Solana limited supply?
Theoretically, Solan has an unlimited supply, even though it systematically issues a new set of tokens every year based on the YOY inflation rate.
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