https://ift.tt/3pYjbxf Price Analysis: SOL/USD endures devaluation at $149

TL;DR Breakdown

• Solana price analysis appears to be bearish.
• The strongest resistance is present at $201.
• The strongest support is present at $151.

The Solana price analysis appears to be following a significant downwards trend. After its steady climb to the $172 mark on January 5, 2022, the cryptocurrency suffered a colossal backlash and started down a rocky downward path, where the price devalued to $144 on the same day. On January 6, 2022, the price regained some stability and rose to $155, but a fleeting effort because right after the incline, the cryptocurrency started to decline and has been declining since then. The currency price for SOL/USD is $149.

SOL/USD 4-hour price analysis: The market exits the squeeze, reverse trend probable

The Solana price analysis reveals the market volatility following a significant inclining trend. This indicates the increment in the probability that the SOL/USD price is becoming more prone to experience variable change on either extreme. The upper limit of the Bollinger’s band exists at $181, which serves as the strongest resistance. The lower limit of the Bollinger’s band is available at $151, which serves as another point of resistance rather than support.

The SOL/USD price appears to be crossing under the lower limit of the Bollinger’s band, indicating a breakout happening in the market. This observation leads to the deduction that the probability of a reverse trend occurring in the market has been significantly increased.

The SOL/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish trend. The bears are dominating with strong momentum, but they may not be able to maintain it too long. A reverse trend is inevitable.

The Solana price analysis reveals that the Relative Strength Index (RSI) is 23, which means that cryptocurrency is heavily undervalued as of now. The bears have gripped the market with all their might, but maintaining such a strong trend might be hard for them. A reverse movement is very likely. The RSI can be seen following an upwards approach that reflects the value of the cryptocurrency slowly attaining increment in its value.

Solana price analysis for 1-day: The market expands volatility

The Solana price analysis reveals the market volatility following a significant increasing movement. This indicates the increment in the probability that the SOL/USD price is becoming more prone to experience variable change on either extreme. The upper limit of the Bollinger’s band exists at $201, which serves as the strongest resistance. The lower limit of the Bollinger’s band is available at $153, which serves as another point of resistance rather than support.

The price of SOL USD appears to be below the Bollinger band’s lower limit, indicating a breakout in the market trend. This observation reveals that the chances of a reversal occurring in the market have greatly increased.

The price of SOL/USD appears to be crossing under the Moving Average curve, indicating a bearish trend. Bears dominate with strong force but may not be able to keep it for long. A reclining trend is most probable.

The Solana price analysis reveals that the Relative Strength Index (RSI) is 33, which means that SOL/USD shows signs of being undervalued. The RSI can be seen following a downwards movement that reflects a declining market trend and small chances of recovery.

Solana Price Analysis Conclusion: SOL/USD hopes for a market reversal

The Solana price analysis concludes that the cryptocurrency is following a strong bearish trend that might reverse soon. SOL/USD lost a lot during its recent rise to the $168 mark; price reached $167.7 on January 5, 2022; however, the price has been struggling even for the $152 mark now. The price has been on a decline ever since then. The current price of Solana remains at $149. Solana Market remains bearish, but chart analysis and all the signs observed indicate a reversal trend soon.

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