Solana is one of this year’s big winners with lightning progress over the past few months. In fact, its SOL token has gone from $10 on January 1, 2023 to $20 today. Despite this remarkable progress, over a shorter period of time, the signal drops. Today alone, it fell from around $21.25 to a low of $20.63, according to data from CoinMarketCap.
For this writing, Solana is ranked 7ᵉ in tier 1 sector and 4ᵉ in the PoS token sector. So what about SOL? In this article, we give you some ideas to better understand the future evolutions of SOL.
Solana (SOL): the sell advice indicators
Over a period of 1 day, the technical indicators are red. Whether it’s the oscillators that help predict asset movements, or the moving averages that show the trend, everything shows that you should sell!
This is the saddest story of all, when we know that developers want toimprove the Solana blockchain because of many problems.
According to the Trading View website, the balance tips on the sell side, recommended for investors. The ratio is set at 13 for selling and 3 for buying.
Screenshot of the technical analysis of the SOL signal over a 1-day time period. The trend indicates that you should sell your tokens.
SOL: no decision yet on the market for Solana
To fully explain the indicators presented by Trading View, it is worth looking at the moving average SOL. And it turns out the price of the signal is currently trading just above the horizontal bar of the exponential moving average.
This shows that the trend for SOL is bearish. meThe price of SOL is now heading towards its support level. If this one breaks, SOL may fall again to new lower prices.
A little bonus, the RSI is at 43 for SOL. A note showing that the signal is currently in a neutral state. It seems that there is still a tendency, paradoxically, upwards. This shows an increase in purchases. And that is a sign that the market capitalization is extended in the short term.
Evolution of the market size of SOL on CoinMarketCap over a period of 1 day.
But make no mistake about it, this increase is based on a 1 day period. If we look over a period of 15 days, the “market cap” has fallen significantly.
Therefore, we can expect a rise in the price of SOL over a short period, but not so clearly in the long term. In addition, there are fewer active addresses on Solana over this longer period.
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What are the main points of SOL?
Solana’s price is still struggling to show us a real uptrend. Since the refusal resistance located at about 26 dollarsSOL is now playing with a fire trade just above $20.
Chart with pivot point indicator showing critical SOL points
If the latter were to fall below this bar, this would have dramatic consequences for the price of the token. He could then down about $17.50.
The only hope is a break up of SOL, first around $21.71, then around $27. If that were to happen, we could expect SOL to rise until its next resistance is located at 36 dollars.
A very hopeful scenario that unfortunately has little chance of happening at the moment. Despite the increasing market as of today, the trend appears to be bearish on longer time frames.
Either way, SOL is on a knife edge right now. We advise you to carefully follow the possible passage of SOL below around 20 dollars, in the coming days.
To continue the evolution of the price of cryptosgo to our dedicated page.
Source: CoinMarketCap, Trading View
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