Solana price analysis: SOL struggling below $140, aims for $150

Cryptocurrency Price analysis and Prediction

January 11, 2022

Cryptocurrency Price analysis and Prediction

Solana is still struggling below $140 and is 46.78% below its all-time high. In this article, we will discuss the Solana price analysis for Jan 11, 2022, and its future potential.

The data CoinMarketCap shows that the world’s 6th biggest cryptocurrency rose by 2.5% in the last 24 hours and is trying to break above $140. The market cap of the token rose by nearly 4%.

The past few weeks haven’t been quite well for Solana. Recently, TheCoinRise reported a bug in Solana Protocol Library, which tarnished the reputation of the project. The developers have been working hard to maintain the integrity of the token.

Solana price analysis has been sluggish since the all-time high witnessed at $260.06. The token initiated the daily candle at $135.84, and at the time of writing, the token reached a daily high above $141.

Solana price analysis on the daily chart

The Solana price analysis on the daily chart shows that the SOL token broke out from the lower end of the Bollinger Bands a few days ago. Furthermore, the token currently rests in the lower end with a sideways movement.

The 50-day and 100-day Moving Averages continue above the price fractal, which further indicates a bearish situation for the SOL token.

Source: TradingView

The MACD indicator, on the other hand, also represents a bearish scenario wherein the MACD line (blue) is progressing below the signal line (orange). In order for the token to return to its bullish movement, the buyers need to take charge.

Source: TradingView

Conclusion

It is very important for you to understand the altcoins you invest your money into. You can learn more about SOL in the in-depth review of the Solana network by TheCoinRise.

Solana saw an increasing number of partnerships in 2021. Recently, FTX.US launched an NFT trading platform on the Solana blockchain, and Grayscale also announced the launch of the Solana Trust.

So, in all, for the long term, our Solana price analysis is definitely bullish. The next critical price level for the token stands above $150.