Solana price analysis for Jan 20, 2022, suggests that the SOL token is following a very bearish pattern for the time being. The token fell to 7th position in the market from 5th earlier this month as prices went below $140.
The data from CoinMarketCap shows that the SOL token has witnessed a 5.29% drop in the trading volume with a 0.86% drop in the market cap. Furthermore, the token is currently 47.49% low from the all-time high, suggesting that the bears have set in the market.
On the other hand, the SOL token fell below $145 important support, as reported by TheCoinRise earlier. The fall in the price of the token suggested that SOL is still underperforming because of prices being below $150.
Solana price analysis on the daily chart
The Solana price analysis on the daily chart shows that the SOL token is trading in the lower end of the Bollinger Bands, which is not a very promising situation for traders. But, in the long term, this might be a very good opportunity to buy SOL.
The MACD indicator shows that the MACD line (blue) is overlapping with the signal line (orange), which means that the token might see a breakout towards either end very soon.
The RSI indicator on the chart below hints at a minute spike in the line but, overall, the SOL token RSI is forming lower highs which means that the token is still captured in a downtrend.
Solana price analysis can be concluded on a bearish note, with prices aiming to break below $130 as well. However, the $135 level remains as support, and if Bitcoin falls below $40K, it is very much likely that SOL will drop to the range of $120-$130. To conclude, Solana is back below $140 as covered by our SOL price analysis for Jan 11.
On the other hand, as per our Ethereum price analysis, ETH has outperformed SOL, while our Bitcoin price analysis shows that BTC outperformed both ETH and SOL. To know more about Solana, visit our SOL review.