Solana price maintained a notable depleting trend since the beginning of November 2021 which is flipped recently after a failed attempt. Since the last few days of January, the asset is maintaining a healthy consolidation which may result in a significant breakout very soon. However the higher time frame chart is pretty much skeptical but in the short term, the asset is extremely bullish and hence appears to be poised to surge & sustain above $100.
|Short-Term||The price appears to have come to an end of the short-term consolidation and may spike high to surge beyond $105 anytime from now|
|Mid-Term||After maintaining a notable uptrend from its lows of around $75, the price has experienced a minor pullback which can be recovered in a very short period|
|Long-Term||The SOL price appears to have cemented at the bottom levels, showcasing no strong signs of a bullish reversal or a healthy uptrend is seen|
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||50 / 51.5||Neutral / Neutral|
|MACD(12,26)||-0.199 / -2.56||Sell / Sell|
|Average Directional Index(ADX)||24 / 22.86||Buy / Neutral|
|Bull-Bear Power||0.136 / 8.46||Buy / Buy|
Solana’s price is pretty much bullish currently but in the longer time frame, it is uncertain. The RSI is hovering at the middle levels in both the time frames and hence may deviate depending on the volume induced. While the MACD is extremely bearish currently but a fair chance of a spike may be expected as a notable buy signal may be popped up soon. On the other hand, it’s pretty uncertain in the longer time frame.
The ADX, the strength indicator, is heading towards the north, hence bullish in STF. In the HTF it is hovering at the same levels but without being confident of the direction of the trend, hence neutral. On the other hand, despite the multiple bearish signals, the bulls appear to be pretty strong now and also in the long term.
Additional Read: SOL vs DOT: Comparative Analysis
The SOL price is currently testing the 50-day MA levels which are very important to clear to initiate with a healthy uptrend. However, it has already surpassed the 200-day MA levels and may aim to smash the resistance soon. The support levels are pretty distinct and hence currently no possibilities of retesting support in STFor HTF is seen.
|Average True Range(ATR)||1.26||8.8|
The Stochastic Oscillator is bullish in both time frames which signifies the current price is above its average levels. On the other hand, the Ultimate Oscillator is also bullish and hence the price may maintain a substantial uptrend. This oscillator considers 3 different MA levels to determine the next move. Interestingly, the asset is less volatile in both time frames and may ignite a new trend or inculcate a trend reversal within the current trend as CCI is bullish.
Additional Read: Solana Price Prediction 2022
The Solana price since the beginning of the present-day trade is extremely bullish as it has spiked more than 25% in the past couple of days. No doubt the asset is experiencing a slight pullback, yet it is just a correction that may be on the verge to get filled very soon. In the very short-term the asset forms a symmetrical triangle and is very near to the apex. And hence with just another blow, the price may break out from the consolidation to hit the immediate resistance anytime from now.
The Solana price at the press time is around $100.09 with a minor drop of 4,21% compared to the previous day’s close. While the trading volume also remains depleted by 27.97%, the market capitalizations also slashed by more than 4%, yet records above $51.5 billion.
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