Solana’s pricing analysis shows that SOL prices start the daily chart with a horizontal trend as bulls try to recover the market. Prices for solana are close to $100, as resistance is encountered at $100.5. The bulls will drive prices higher to recover the $101 level. Bears will have control if the prices fall below $99.5
The Solana price has fluctuated between $100.54 and $97.10 over the past 12 hours. However, the cryptocurrency gained 0.11%.
Solana Recovers Above $100
Although the price of cryptocurrency is nearing the $100.5 threshold, bulls have been facing some resistance. However, there’s not enough momentum to support further increases. Digital assets control 1.84 per cent of all cryptocurrency markets, accounting for more than $1.2 Billion in trading volume.
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SOL prices are sixth in the overall market capitalization, at $33.4 billion. Solana’s prices have attempted to breach $100.0 to launch a bullish spike that may bring the cryptocurrency up to $101. Next will come resistance at $103, then $133.35.
SOL/USD 1-day price chart, source: TradingView
The daily chart of SOL/USD’s SOL/USD price shows Solana prices looking for support after a sharp rise towards the $101 level. There may be some consolidation in the short term as the market has entered a sideways trend. A market drop below $99 will cause bearishness. But, it is possible for the bulls to regain control and a return of $103.
The market’s slide is being held back by the negative trendline, but buyers are striving to go beyond it. The RSI indicator has been trading at 50.0 as market anxiety takes hold. While the MACD has shifted to the bearish end, this might cause prices to drop in the short-term, while the bulls continue their push for higher prices.
Another possibility is that a rejection of the 55-day SMA (Relative Strength Index) below 50 could trigger a further slide. Bulls have not been able to push prices higher and close them above the SMA for the last four trading days. The Relative Strength Index is below 50 and bears can move lower. This allows them to make a perfect strategy to breach the $95 mark, opening up the possibility of another 10% loss up to $85. The $75 level was established by the bearish triangle in February and March to identify the level.
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Featured image taken from The Getty Images. Chart courtesy of TradingView.com