Solana Price Prediction: Bears controls SOL/USD price

Solana price prediction is bearish today.The price for SOL USD is currently 166.The bulls are having a hard time breaking above 170. 1140x815
Solana price prediction is bearish today.The price for SOL USD is currently 166.The bulls are having a hard time breaking above 170.

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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.

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Solana  Four-hour price prediction chart: Bullish signals

Solana price prediction
SOL/USD 4-hour chart. Source: TradingView

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.

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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.

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