The Solana price analysis is bearish today as we see signs of a powerful bullish movement from the market towards an upwards trend. Bulls are trying hard to snatch bearish control on the market, and as bulls gain tremendous momentum, it puts the bears in a terrible position. At the same time, the bears are growing tired and cannot maintain their hold on the market, and they no longer pose a threat to bulls. Therefore, we look at the market with a whole new perspective full of bullish opportunities.
The SOL/USD price has significantly increased today; on February 18, 2022, the price rose from $93 to $96, declining soon after to $95. Solana has been down 3.64% in the last 24 hours, with a daily trading volume of $1,715,999,618. It currently ranks at #8 with a live market cap of $30,481,557,219 and a circulating supply of 319,525,686 SOL coins.
SOL/USD 4-hour price analysis: Recent developments
The Solana price analysis has led us to believe that the present condition of the market appears to have great bullish potential. Moreover, the market has significantly maintained a bearish trend, tiring out the bears in the past few hours. As a result, the upper limit of the Bollinger’s band rests at $107, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $92, serving as a support point for SOL.
The SOL/USD price travels under the Moving Average curve, indicating the market following a bearish movement. So, we can see the market has opened its volatility in the past few days, however, with the bulls coming in more vigorously than ever. As a result, the Solana price has the potential to move towards positivity. In addition, the SOL/USD price seems to move towards the Moving Average curve, signifying a possible reversal movement, which could boost the positive potential of the market.
The Solana price analysis reveals that the Relative Strength Index (RSI) score is 42 making the cryptocurrency stable, falling in the upper neutral region. Furthermore, the RSI score increases slightly, indicating the buying activity overpowering the selling activity while moving towards stable dynamics.
Solana price analysis for 24-hours: SOL gains value
The Solana price analysis had maintained a bearish movement in the last few days. However, the bulls that have come to save the cryptocurrency are trying to engulf the entire market. With the market in a squeeze, the bulls gain a substantial possibility to maintain their stance and make plans for a long-term regime, making the value of the cryptocurrency less volatile to change. As a result, the upper limit of the Bollinger’s band rests at $120, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $87, serving as the strongest support for SOL.
The SOL/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. However, the price can be traced following an upwards movement, indicating massive bullish opportunities; the bulls will engulf the market in the next few hours and raise the price for Solana.
The Relative Strength Index (RSI) score appears to be 40, showing the cryptocurrency’s stability. It falls in the lower neutral region. However, the RSI score follows a significant upwards path marking its exit from the undervalued area and movement towards stability. The increase in the RSI score indicates firm buying activity, outweighing the selling activity.
Solana Price Analysis Conclusion
The Solana price analysis remains bearish as the market shows massive potential for bullish activity. However, as the volatility remains dormant, the bulls gain a substantial opportunity for a revival as they try and take over the market and establish a new order for Solana.
Credit to@cryptopolitan
