Crypto Technical Analysis

Solana(SOL) Technical Analysis: SOL Price Primed To Undergo A 40% Upswing Shortly

Solana Price Prediction

Key Takeaways

  • The SOL price closed the previous day’s trade at $100.68 with a market capitalization of $32.3 billion and a circulating supply of 317,293,562.62 SOL
  • Solana after a drastic plunge flipped from the bearish divergence above the strong support levels, manifesting the immense possibility of undergoing a notable bull run soon
  • Yet the possibilities of a drop towards the support cannot be completely nullified but bulls currently appear to be pretty strong to withstand any plunge

Solana(SOL)/USDT Technical Analysis at a Glance

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 & Pivot Levels

Technical Indicators

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

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 $100.34 $105.15
Moving Average(MA)-200 $92.27 $153.60
Resistance $105 $151.69
Support $93.78 $70.34

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. 

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 60.22 65.61
Ultimate Oscillator 56.07 52.55
Average True Range(ATR) 1.26 8.8
CCI 31.55 140.72

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. 

SOL /USDT Technical-Analysis for Short-Term

Source: Tradingview

  • The SOL price has initiated a flip and currently swinging within a rising channel which carries a possibility of undergoing a slight pullback
  • However, considering the present trend, the SOL price may rise from the current levels and smash levels above the resistance slicing through the channel
  • If it fails here, then it may retest the immediate support around $97 and ignite a notable flip 
  • The flip ignite then may raise the price beyond the strong resistance at $105 and eventually attempt to secure the levels around $110
  • Currently, no strong possibility of a massive drop or decline in the SOL price is witnessed as the technicals and chart patterns both are bullish

Additional Read: Solana Price Prediction 2022

SOL/USDT Technical Analysis for Long-Term

Source: Tradingview

  • The SOL price in the higher time frame is somewhat bullish as the price is attempting to clear the immediate resistance zone
  • Another factor fueling the uptrend is the formation of the double-bottom pattern of the asset which is along with the local support levels
  • And therefore, the double bottom pattern usually uplifts the prie towards the next strong resistance levels 
  • Yet the lower support levels may remain completely untouched until and unless not drastic change with the price appears. 

Solana(SOL)/USDT Technical-Analysis for Today: 02 March 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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Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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