Price Predictions

Solana (SOL) Technical Analysis: SOL Could Slide Below INR 1000 Soon!

Solana TA

Key Takeaways

  • The Solana(SOL) price closed the previous day’s trade at INR 3164.8 with a market capitalization of INR 1.07 trillion and a circulating supply of 339,807,552.40 SOL
  • The bears are believed to keep the SOL price and the entire crypto space into their captivity until the weekend
  • Therefore, the price is expected to tank down by another 15% to 18% to form new lows in 2022

Solana (SOL) Technical – Analysis for the Week

The beginning of the weekly trade also the monthly trade, was pretty bearish as the prices kept on sliding since the last couple of days of May. However, the markets attempted to recover in the early trading hours, but only after a 6% to 7% rise, did the price begin to slump down. Currently, the prices have tanked down to their initial levels. 

The bearish pressure may intensify in the next couple of hours which may impact the strength of the rally until the weekend. The price movements and the chart pattern suggest a bearish close for the week, dragging the price below INR 2800. 

Solana (SOL) Technical Analysis at a Glance

Solana’s price is trading within a descending trend for the past 7 months forming constant lower highs and lows. The trading volume through May was reasonably high, yet the price kept on depleting. Hence indicating the bears to have maintained their dominance over the rally. Therefore, if a strong upswing has to ignite, then some record-breaking buying volumes are mandatory. Else, the prices could continue swinging within the same descending channel. 

Short-Term The SOL price seems to have accomplished with a minor recovery and hence a significant plunge appears to be imminent
Mid-Term A short-term bounce may be expected as the selling pressure may diminish soon
Long-Term No doubt a minor buying volume has accumulated but it below the average levels and hence the prices could continue discovering new lows ahead

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 37.96 / 31.45 Sell / Sell
MACD(12,26) -22.55 / -724.82 Sell / Sell
Average Directional Index(ADX) 25.90 / 36.65 Sell / Sell
Bull-Bear Power -126.43 / -690.38 Sell / Sell

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 INR 3444.90 INR 5858.97
Moving Average(MA)-200 INR 3619.08 INR 9515.09
Resistance INR 3208.52 INR 11051.09
Support INR 2955.02 INR 1751.29


Oscillators Short-Term Long-Term
Stochastic Oscillator 44.14 30.53
Ultimate Oscillator 32.09 47.08
Average True Range(ATR) 42.77 288.45
CCI -234.03 -120.33

The SOL price at the press time has surged notably, yet according to the technicals, the asset is still drowning in a deep bearish weel. All the indicators in all the time horizons point out toward a ‘sell’ signal. Moreover, the volatility rate is also extremely low and hence no significant movement irrespective of the directions may be expected ahead. Therefore, the SOL price may continue with a descending trend until the bearish pressure eases out. 

SOL/INR Technical-Analysis for Short-Term

Source: Tradingview

  • SOL price in the short-term has broken down the parallel consolidating channel and manifesting a probable bearish trend 
  • Mirroring the previous rally, where the SOL price dropped hard from INR 4000 to INR 3000, it maintained a significant ascending consolidation within a parallel channel
  • However, the asset maintained its trend within the upper bands, lost the grip and dropped close to support. After brief consolidation, broke down from the support levels
  • A similar scenario may repeat now as the price has reached the lower support and after chopping just above the support, may eventually slice through the support and tank down
  • A plunge from these levels may drag the price below INR 3000 closer to the yearly lows registered in the previous days

SOL/INR Technical Analysis for Long-Term

Source: Tradingview

  • Solana price ever since formed a new high close to INR 20,000 has been trading within a significant bearish channel
  • Multiple attempts of breaking above the resistance resulted in an intense descending trend towards the lower support
  • And hence the current consolidation along the lower support may eventually ignite a notable upswing towards the upper resistance as it did previously
  • Here, the asset is required to break the descending trend line and rise high towards INR 10,000, else it may slump down towards the lower support again 
  • If the SOL price drops from the resistance, the possibility of the asset plunging down below INR 1000 appears to be imminent

Where & How to Buy Solana(SOL)

Buying and selling is extremely easy and safe on the CoinDCX App. Along with the best deals in the market, CoinDCX offers multiple benefits & lucrative in-App benefits to help you make wise decisions at right time. 

Also, the newly launched Crypto Investment Plan (CIP) enables you to invest in your favorite crypto in simple weekly installments. So to begin with, download the CoinDCX App on your smartphone and fill in the required details. Once your profile is verified, fund your wallet and buy Solana 

Therefore, start investing in Bitcoin & other cryptos with Crypto Investment Plan now!

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above 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, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a 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.


Share this Story

Check Also

Litecoin Price Prediction: Can LTC price be able to rally till $100 by the end of 2022?

The Litecoin price, which has largely gone unnoticed, may soon gain widespread user attention, which will have a significant impact on the LTC price.



    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download