Solana price analysis for Jan 28, 2022, comes with a bearish analysis as the token has fallen to the 8th position in the market. SOL token fell to the 7th position, which was recently reported by TheCoinRise. In this article, we will discuss where the future lies for Solana.
The data from CoinMarketCap shows that Ethereum has outperformed Solana, as clear from our Ethereum price analysis for Jan 28. However, it is also to be noted that Bitcoin has outperformed both Solana and Ethereum, as clear from our Bitcoin price analysis of Jan 28.
The trading volume of SOL tokens has dropped by 27.94% in the last 24-hours, while the market cap has risen by 3.61%. The daily candle started on Jan 28 at a price of $89.5, reaching a daily high of $92.96 from a daily low of $88.67. The price of 1 SOL at the time of writing is above $92.
Solana price analysis on the daily chart
The SOL price analysis on the daily chart shows that after falling to the 8th position, SOL aims to regain the lost support levels.
The chart above shows the MACD indicator. The indicator is still bearish, but the MACD line is catching up with the signal line (orange), which means that the buying pressure is surging. If the former breaks above the latter, we will see a bullish divergence.
The SOL token has been trading at the lower end of the Bollinger Bands since our previous analysis. Furthermore, a breakout from the lower end is possible if the RSI levels remain oversold. The RSI has pointed out that SOL has been oversold since our Jan 23 Solana price analysis.
Despite the Grayscale Solana Trust launch, the SOL token hasn’t been able to reach new all-time highs. The Solana price analysis is concluded on a bearish note for the short term. However, it is to be noted that traders are taking advantage of lower prices.