Altcoins Price Analysis

Solana Price Analysis; What is the market situation like?


Solana price fluctuations caused us to leave the floor rendering pattern in daily timeframes. The recent jump shows that a sharp increase in trading volume has been one of the factors behind this rise. In addition, the increase in daily trading volume indicates that the buying pressure has been accompanied by a significant jump.

to the Report Periodic Market, pivot point analysis shows that $ 225 acts as a resistance, followed by $ 265 resistance. On the other hand, if the price falls below $ 200, $ 175 will act as a barrier against sellers.

Solana price chart
Solana price chart

The Solana is currently priced at around $ 200. In the 24 hours to Friday, Solana jumped 11.56 percent. The daily trading volume of this digital currency also increased by 10%, which shows that the number of buyers is slowly increasing.

Solana’s price situation in the weekly time frame indicates that the situation has improved to create an upward trend. In addition, the price is above the significant $ 175 resistance area; As a result, a large engulfing pattern is formed on the chart. By adding the moving average (EMA) to the daily price chart, it can be said that the SOL token price is further away from this daily average than other currencies in the market; In addition to maintaining the base and upward trend of prices, these averages may play a supporting role in the falls.

Solana price chart
Solana price chart

The Relative Strength Index (RSI) is on a downward trend. The Directional Moving Average (ADX) predicts that the price should accelerate. The MACD is crossing the zero point in one-hour timeframe after the recent uptrend; This situation can be considered ascending.

In summary, it can be said that there is a possibility of growth in the future. Based on technical indicators and increasing buying pressure, the market is expected to be bullish. According to experts, bear traders can enter the market when prices fall to the floor’s rating. On the other hand, they believe that there is room for cattle traders to enter.

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