Solana price analysis: SOL market breaks support at $20.39

SOL market breaks support at $20.39 – Cryptopolitan

Solana Award February 11, 2023 analysis reveals the market following a partial bearish move; moreover, Solana obtained massive negative momentum, signifying a decline for the SOL market. Solana’s price has remained negative for the past few hours. Today the price crashed and fell from $22.75 to $19.90. However, the market value started to rise soon after, as the cryptocurrency had already gained some of its value. Additionally, Solana rose and reached $20.39, narrowly escaping the $25 mark.

Solana’s price today is $20.39, with a 24-hour trading volume of $1.07 billion, a market cap of $7.43 billion, and a market dominance of 0.72% . The price of SOL has decreased by 1.08% in the last 24 hours.

Solana reached its highest price on November 6, 2021, when it traded at its all-time high of $259.52, while Solana’s lowest price was recorded on 2021-2020 as it was trading at its all-time low of $0.00. The lowest price since its ATH was $8.09 (cycle low). The highest SOL price since the last cycle low was $26.80 (cycle high). Solana’s price prediction sentiment is currently bearish, while the Fear & Greed Index is showing 49 (Neutral).

Solana’s current circulating supply is 362.91 M SOL out of the maximum supply of 533.68 M SOL. The current annual supply inflation rate is 14.26%, which means that 45.28 million SOL were created last year. In terms of market capitalization, Solana is currently ranked #4 in the Proof-of-Stake coin sector, #2 in the Solana Network sector, and #7 in the Layer 1 sector.

SOL/USD 1-Day Price Analysis: Latest Developments

Solana Award the analysis reveals the volatility of the market following an increasing movement. This means that Solana price is increasingly prone to movement towards either extreme, showing even more descending momentum. The high price of the SOL cryptocurrency is $20.56, with an opening price of $20.55. Conversely, the low price of SOL is present at $20.47, with a change of -0.36% and a closing price of $20.48.

The SOL/USD price seems to be moving below the moving average price, signifying a bearish move. The price appears to have broken the support band, making a reversal imminent. The market trend seems to be dominated by the bulls. The SOL/USD price appears to be decreasing, illustrating a falling market. The market seems to be trying to break through the moving average band, which will trigger a reversal move; this could prove fatal for the bulls.

picture 191
SOL/USD 1 day price chart CoinCodex

Solana’s price analysis reveals that the Relative Strength Index (RSI) is 43, showing a stable cryptocurrency stock. This means that the SOL cryptocurrency is in the upper neutral region. Additionally, the RSI seems to move in a linear fashion, indicating a consistent market. The equivalence of selling activities and buying activities causes the RSI score to remain dormant.

Solana Price Analysis for 7 Days

Solana price analysis reveals market volatility following a rising move, which means that Solana price is increasingly susceptible to variable changes at either extreme. The high value is present at $20.68, with an opening price of $20.39. Conversely, the low price is $20.39, with a change of 0.52% and a closing value of $20.50.

The SOL/USD price appears to be moving above the moving average price, signifying bullish movement. However, the market trend seems to have shown bearish momentum over the past few days. As a result, the market opted for a negative approach.

picture 192
7-Day SOL/USD Price Chart CoinCodex

Solana price analysis shows that the Relative Strength Index (RSI) is 42, signifying a stable cryptocurrency. This means that the cryptocurrency is in the central neutral region. Moreover, the trajectory of the RSI seems to have shifted towards a downward movement. The decreasing RSI score also signifies dominant selling activities.

Solana Price Analysis Conclusion

Solana’s price analysis reveals that the SOL cryptocurrency is trending lower with plenty of room for further activity on the downside extreme. Moreover, the current market situation seems to follow a negative approach. Therefore, we can assume that the bears will soon start moving to initiate their control over the market.

Leave a Comment

Your email address will not be published. Required fields are marked *