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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 <a href="https://www.cryptopolitan.com/bitcoin-price-forecast/?swcfpc=1">Bitcoin</a> rose 3 percent to move up to $28,300, while <a href="https://www.cryptopolitan.com/ethereum-price-prediction/?swcfpc=1">Ethereum</a> moved into touching distance of the $2,000 mark. Among leading Altcoins, <a href="https://www.cryptopolitan.com/xrp-price-prediction/?swcfpc=1">Ripple</a> rose 2 percent to $0.47, with <a href="https://www.cryptopolitan.com/cardano-price-prediction/?swcfpc=1">Cardano</a> undergoing a similar increase to move up to $0.39. Meanwhile, Dogecoin stayed at $0.07, and Polkadot remained just below the $6 mark. 



<figure class="wp-block-image size-large"><img width="1200" height="490" src="https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-1200x490.png" alt="Screenshot 2023 04 25 at 11.24.07 PM" class="wp-image-295372" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-1200x490.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-300x122.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-768x313.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-1536x627.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-2048x836.png 2048w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-24x10.png 24w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-36x15.png 36w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-48x20.png 48w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/Screenshot-2023-04-25-at-11.24.07-PM-150x61.png 150w" sizes="(max-width: 1200px) 100vw, 1200px" /><figcaption>Solana price analysis: Cryptocurrency heat map. Source: <a href="https://coin360.com/" rel="nofollow noopener" target="_blank">Coin360</a></figcaption></figure>



<h2 id="solana-price-analysis-sol-approaching-moving-averages-on-daily-chart">Solana price analysis: SOL approaching moving averages on daily chart</h2>



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.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" src="https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-1200x813.png" alt="SOLUSDT 2023 04 25 23 27 26" class="wp-image-295373" width="910" height="616" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-1200x813.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-300x203.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-768x520.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-24x16.png 24w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-36x24.png 36w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-48x33.png 48w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26-150x102.png 150w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/SOLUSDT_2023-04-25_23-27-26.png 1530w" sizes="(max-width: 910px) 100vw, 910px" /><figcaption>Solana price analysis: 24-hour chart. Source: <a href="https://coinmarketcap.com/currencies/solana/" rel="nofollow noopener" target="_blank">Trading View</a></figcaption></figure>



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. 



Disclaimer.&nbsp;The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Solana price analysis: SOL eyes upwards recovery at $23 price target

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