Solana price analysis is not very optimistic today as the token fell from its 5th position in the market. The Ethereum killer is now fighting for a place in the top 10 cryptocurrencies by market cap, resting at the 7th position at the time of writing.
As per data from CoinMarketCap, the trading volume of the token surged by 20.37% but looking at the price action, and it seems that the selling pressure has surged. The token initiated the daily candle at a price of $147.98 and reached a daily high of $148.29. However, as per our Solana price analysis, the token turned bearish and fell to a daily low of $141.
At the time of writing, Solana is trading at a price of $142.6. There is a possibility that a further rise in selling pressure might lead to a retracement towards a familiar price level of $140, which was last covered by TheCoinRise on Solana price analysis of Jan 11, 2022.
Solana price analysis on the daily chart
The Solana price analysis on the daily chart shows that the token is still bearish as it continues to progress below the 50-day and 100-day Moving Averages. Furthermore, the token is progressing near the lower end of the Bollinger Bands, and another surge in selling volume will cause a breakout from the Bollinger Bands.
The MACD indicator shows that the MACD line (blue) and the signal line (orange) are very close to each other, but the former is prevailing, which is a bullish scenario. SOL made a move above $150 but failed to maintain the zone, as TheCoinRise reported.
The Solana price analysis for Jan 17, 2022, suggests that the token needs to break above $150 and make a move towards its previous all-time high. The token has been bearish since the huge sell-off of cryptocurrencies in November.
On the other hand, Bitcoin is stuck between $42K and $43K, and Ethereum is below $3300 and might fall as low as $3000, as TheCoinRise reported.