Categories: Crypto

Solana Price Holding Steady: Are Bulls Finally Back?

What is going on today in the crypto world? What is Solana Price up to, and what are the important things to consider when thinking about trading or investing? One thing is certain – the market(financial, stocks, crypto, etc.) is not dead. Actually, the markets have been in existence for over 100 years. Though there have been rough periods for investors, money has always been tossed around. Still true today. Why is Solana still a strong contender in the crypto world?

https://twitter.com/solananew/status/1992898522585440761?ref_src=twsrc%5Etfw” rel=”nofollow” target=”_blank

Now that we have established the continued existence of this old truth, let us consider the

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Solana
SOL

$139.65

0.77%

Solana
SOL

Price

$139.65

0.77% /24h

Volume in 24h

$6.05B
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Price 7d

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fundamentals. The past 24 hours are telling when it comes to App Revenue and DEX Volume. Nothing short of being a vibrant chain is what we can say about SOL as we look at these metrics. Well, why is the price then 50% down from September? If you have not read last week’s analysis, you can find it here. Now, let’s dig into the charts.

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Solana Price Analysis: Key Support And Next Targets

(Source – Tradingview, SOLBTC)

Let us first look at how Solana is behaving against

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Bitcoin
BTC

$88,791.03

0.98%

Bitcoin
BTC

Price

$88,791.03

0.98% /24h

Volume in 24h

$54.28B
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Price 7d

. The weekly scale is what we care about at this point. We want high-timeframe flippening confirmations. In the sense that Solana is starting to outperform BTC. For now, the MSB is holding, and currently the Higher Low too. If the move up continues and it breaks for a new Higher High, then we have our super bullish alt season confirmation.

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(Source – Tradingview, SOLUSD)

On the Weekly timeframe, Solana is performing really pretty still. We see $126 stopping this drop for now. But to resume bullish, we would need the price to reclaim the moving averages. These remain resistant as long as they are above the current price point. Now, we have confluence between the MAs (50 and 100) and the $170 level. That is the first level we want the bulls to reclaim. And it is quite possible, as long as the SOLBTC relation keeps going well for Solana. If it does not, then a test of MA200 on this chart can be expected.

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SOL USD On The 1D and 4H Technical Insights

(Source – Tradingview, SOLUSD)

Now, looking at the 1D chart, we easily notice why $170 is a key level. If it gets broken, then we have an MSB. The only difficulty might be that it is significantly above current prices. With the RSI bottoming for most of November, though, there is a real possibility of some kind of range forming. These MAs sitting above are not the best sight to observe. True Bullishness can resume once they are reclaimed.

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(Source – Tradingview, SOLUSD)

Finishing today’s analysis on the 4H timeframe, we can add $144 as the next low timeframe resistance. These downsloping Moving Averages are ugly to watch. Bulls want to see them leveled and ultimately reclaimed. That will be the first sign of a bottom getting formed. Solana Price could range here for a while. But it would be a painful sight for investors to see it drop below $100 for sure. As for traders, they wait for key levels and enter positions when pre-set conditions are met. Thus, being able to make money no matter the market trend.

Whatever strategy you use, make sure you keep risk management tight until your conditions are met. We hope this article helped!

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Solana Price Holding Steady: Are Bulls Finally Back?

SOL is putting a Higher Low against BTC, potentially establishing a new uptrend.
RSI on 1D and 1W are low, and bulls want to see them in the upper half.
Price printing a strong buy candle on the 1D. Watching how it closes.
Solana fundamentals and metrics remain strong.

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Adam Forsyth