TL;DR Breakdown
- Solana’s price prediction is bearish today.
- The price for SOL/USD is currently $166.
- The bulls are having a hard time breaking above $170.
Today, Solana’s price is once again under selling pressure. Selling pressure has resumed after a brief rally to $175 over the last few hours. As a result, we anticipate that SOL/USD will reverse and fall some of the progress made throughout the week.
Solana is currently trading a $158 with trading volumes of $2 billion and a market cap of $47 billion ranking the coin 7th in the overall market.
Solana Four-hour price prediction chart: Bullish signals
We can also see that the price action has already approached and attempted to close a candle below the 50-day Moving Average in the 4-hour charts for SOL/USDT. The price action is yet above the 100-day Moving Average.
In addition, the last candle formed is a green one, signifying that it closed above the opening price. In addition, the RSI in the 4-hour charts has also risen from 22 to 32.
Bulls appear to be regaining control of SOL/USD. Bulls have managed to push SOL/USD up to test the resistance at $170, which has held up in the last 24 hours.
The Stochastic Oscillators have dipped into oversold territory. Signifying that they are ready to rise in favor of bulls if Solana’s price action manages to break above $170.
The RSI on the 4-hour charts is currently at 42 and ready to further increase in favor of bulls if they manage to break above $170.
In addition, SOL/USD is trading below 100 and 50 exponential moving averages (EMAs) at $166 and $162, respectively.
On the 4-hour chart, SOL/USD is currently above $170. Making it hard for bears to break below $160 and buy back the cryptocurrencies at lower prices.
However, with increasing selling pressure, we might still experience a drop in price action before bulls regain control of the price action.
In the 1-day chart, we can see that the RSI is currently at 31 and ready to rise in favor of bulls if they manage to break above $170, which reflects how strong bearish momentum still is over Solana.
As a result, there is a possibility that SOL/USD will fall back down. On the other hand, the price action is now trying to break out from the lower end of the Bollinger Bands, which is a very bearish sign for the short term. The lowest price today was $150.10, while the highest being at $165.42.
Solana Price Prediction: Conclusion
The bearish trend in Solana is confirmed by the fact that after a substantial rise of the previous 24 hours, bears have recovered, and SOL hit $170 resistance. As a result, we anticipate SOL/USD to fall over the next few days and establish another higher low before progressing further.
Read our Ethereum price prediction and our previous SOL/USD price prediction.
