Solana price analysis: SOL makes a move towards $150, again

Solana price analysis for Jan 14, 2022, is sluggish as investors wait for higher prices. It seems that SOL is following BTC's bearish path
Solana price analysis for Jan 14, 2022, is sluggish as investors wait for higher prices. It seems that SOL is following BTC's bearish path

Solana price analysis for Jan 14, 2022, is sluggish as investors wait for higher prices. The SOL blockchain is known for being very fast and a big competitor to Ethereum.

As transactions on SOL soared, the prices did too in the last few days. However, the data from CoinMarketCap shows a 1.56% drop in the last 24 hours in the trading volume followed by a 1.58% drop in the market cap. The token has the 6th position in the market. 

Furthermore, the token started the day at a price of $146.13 and reached a daily high of $147.99, falling to a daily low of $144.39. The current price of the token stands at $147.54. 

After turning bullish, the token dropped today and is currently at the same position as it was on Jan 12, 2022, aiming for the $150 price level.

Solana price analysis on the daily chart

The Solana price analysis on the daily chart below shows that the token is currently progressing in the lower end of the Bollinger Bands, which is not a very promising deal. A breakout from the lower end might be possible. 

The 50-day and 100-day Moving Averages continue to progress above the token, which hints at the fact that the prices will remain bearish. These MAs need to be conquered.

Solana price analysis
Source: TradingView

The MACD indicator shows that the MACD line (blue) is very close to the signal line (orange), which means that the chances of a bullish crossover are very high. However, if prices fall, we might see this setup fail, as per our Solana price analysis.

Solana price analysis
Source: TradingView

Conlusion

Solana is a very promising investment and you can check our Solana (SOL) review to learn more about it. However, it is at a very crucial point right now, and investors must watch for Bitcoin too. It is a rule of the crypto market to follow Bitcoin. Therefore, dive into our Bitcoin price analysis for Jan 14 and come back to the Solana price analysis.

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