Share:
  • Solana price is still posting bullish candles despite the slowdown in the broader market, trading at $23.92.
  • SOL has the support of its 30-, 50- and 100-day Exponential Moving Averages, which should prevent a sharp decline in price.
  • The altcoin’s indicators are pointing towards intensifying bearishness, with the MACD registering a bearish crossover this week.

Solana price is maintaining its presence above the $22 mark that it reclaimed about a week ago, enabling the altcoin to preserve its uptrend. The next major hurdle for the altcoin stands at $28.28, which will determine whether the uptrend can continue or if SOL will lose the opportunity to regain November 2022 crash's losses.

Solana price remains in an incline

Solana price, trading at $23.91, is defying the downward trend seen in many cryptocurrencies by maintaining its upward momentum despite the noticeable slowdown. SOL could reaffirm its macro uptrend that began at the beginning of the month by reclaiming $28.28.

Acting as the critical resistance, this price level is crucial for the Ethereum killer to reclaim in order to recoup the losses SOL noted following the FTX collapse-induced crash. Flipping $28.28 into a support floor will push the price toward the next hurdle at $32.06, breaching which will enable Solana price to tag November 2022 highs of $36.90.

Even though the altcoin does have the support of the 30-, 50- and 100-day Exponential Moving Averages (EMA), there is a chance of a possible decline in price. The Moving Average Convergence Divergence (MACD) indicator highlights an active bearish crossover that took place a week ago. 

Solana Moving Average Convergence Divergence (MACD)

Solana Moving Average Convergence Divergence (MACD)

If the bearishness intensifies and traders move to sell, the price could decline quickly. As it is, Solana price is treading right above the immediate support level at $22.77. A single red candle could invalidate this support floor, which could leave the price vulnerable to a decline to $19.30. 

SOL/USD 1-day chart

SOL/USD 1-day chart

Falling through it will give SOL another opportunity to bounce off the critical support at $17.89. However, a daily candlestick close below $17.89 will invalidate the bullish thesis, bringing the price action bearish towards $15.90.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Near Protocol Price Prediction: NEAR pumps 10% as investors envision another buy opportunity here

Near Protocol Price Prediction: NEAR pumps 10% as investors envision another buy opportunity here

Near Protocol (NEAR) price is trading with a bullish bias, with a sustained series of higher highs since the last week of January. With investors groping for discounted entry points, NEAR could correct before the next leg up.

More Cryptocurrencies News

Ethereum price teases with a breakout, eyes $3,200 milestone as ETH bulls show resolve

Ethereum price teases with a breakout, eyes $3,200 milestone as ETH bulls show resolve

Ethereum (ETH) price consolidation within the ascending parallel channel has lasted since October, with the Proof-of-Stake (PoS) token making multiple attempts to breakout. As it stands, Ethereum continues to outperform Bitcoin (BTC) with double the gains.

More Ethereum News

Solana Price Prediction: SOL could easily go all the way back to $79.49 low

Solana Price Prediction: SOL could easily go all the way back to $79.49 low

Solana (SOL) price is trading with a bearish bias, recording a series of lower highs and lower lows since mid-February. The downtrend has seen the Layer 1 (L1) token drop below the midline of the market range between $79.49 and $126.27.

More Solana News

BNB price eyes $400 as Binance Coin bulls keep showing up

BNB price eyes $400 as Binance Coin bulls keep showing up

Binance Coin (BNB) price has formed lower highs and lower lows over the past few days, but the bulls continue to maintain a strong presence in the market. BNB has also steadfastly shown strength despite the recent uncertainty in the market as altcoins awaited cues from Bitcoin (BTC) price.

More Binance News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP