Solana price analysis: SOL underperforming, still below $150

Solana price analysis for today is quite sluggish as the token is trying to maintain its position above the $145 level.
Solana price analysis for today is quite sluggish as the token is trying to maintain its position above the $145 level.

Solana price analysis is not looking very good for Jan 15, 2022, as the token is underperforming as compared to Bitcoin and Ethereum. Although, the SOL token is currently in the 5th position in the market. 

The data from CoinMarketCap suggests that this bearish movement will continue as the token is up by almost 0.6% in the last 24-hours, which is not a very good percentage. The trading volume for SOL has declined by almost 42.33% in the last 24-hours, and it seems that the investors might be in for a sluggish Solana price analysis. 

On the other hand, the daily candle started at a price of $146.18 and reached a daily high of $147.29. However, the price of the token at the time of writing rests at $146.35.

Solana price analysis on the daily chart 

The Solana price analysis based on the daily chart below suggests that the token might see a retracement below $140 if the current price levels don’t hold and $150 is not reclaimed. The fear has surrounded the market as Bitcoin Death Cross has been witnessed, and investors are curious about the future prices.

The 50-day and 100-day Moving Averages are accelerating above the price action while the price action rests in the lower end of the Bollinger Bands. Both of these situations indicate that lower prices are possible.

Solana price analysis
Source: TradingView

The MACD indicator sees that a MACD bullish divergence has occurred with the MACD line (blue) breaking above the signal line (orange) and the prices turning bullish. However, we cannot confirm that SOL will follow a bullish path because other indicators are bearish.

Comparing our Solana price analysis for Jan 14, 2022, with today’s analysis, we can say that the prices haven’t moved much as the token is still below $150. A similar situation was seen when SOL was below $140 on Jan 12, 2022, as TheCoinRise reported.

Solana price analysis
Source: TradingView

Conclusion

Our Solana price analysis for today can be concluded on a conflicting note. Major indicators are bearish, while the MACD indicator is bullish on the daily chart. As per today’s Bitcoin price analysis and Ethereum price analysis, BTC and ETH have outperformed SOL in the past week. 

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