Solana price analysis shows a horizontal trend in place, with price eyeing recovery after crashing from the $25 mark. With the current trend stabilising price, SOL will look to target the $23 price mark which is also the current resistance point. Price rose around 2 percent over ...
Solana price analysis shows a horizontal trend in place, with price eyeing recovery after crashing from the $25 mark. With the current trend stabilising price, SOL will look to target the $23 price mark which is also the current resistance point. Price rose around 2 percent over the past 24 hours, settling at $21.67 at the time of writing. Overall, the token has still lost 21 percent in price since April 19. Solana continues to sit at the 10th rank among cryptocurrencies, holding a market cap of $8,505,800,284.
The larger cryptocurrency market showed signs of uptrends across the board, as Bitcoin rose 3 percent to move up to $28,300, while Ethereum moved into touching distance of the $2,000 mark. Among leading Altcoins, Ripple rose 2 percent to $0.47, with Cardano undergoing a similar increase to move up to $0.39. Meanwhile, Dogecoin stayed at $0.07, and Polkadot remained just below the $6 mark.
Solana price analysis: SOL approaching moving averages on daily chart
On the 24-hour candlestick chart for Solana price analysis, price can be seen stagnating into a horizontal trend, after crashing more than 25 percent since April 19. While the current sideways trend can be taken as a sign of recovery, price could move either way from the current point. With the $23 resistance in sight, SOL is looking up to the 9 and 21-day moving averages that sit above current price, as well as the 50-day exponential moving average (EMA) at $22.14.
The 24-hour relative strength index (RSI) can also be seen forming some recovery after the initial decline from the 68 mark. While market valuation remains low currently, a pick up in price up to the next resistance point will see the RSI climb upwards. Meanwhile, the moving average convergence divergence (MACD) curve continues to show a bearish divergence in place, with the trend line remaining well below the signal line at current trend.
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