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Solana price analysis: SOL rejects further downside at $215, as bullish support comes in

source-logo  cryptopolitan.com 23 November 2021 09:47, UTC
  • Solana price analysis is bullish today.
  • The resistance is present at $228.
  • Support for SOL/USD is found at $215.

The Solana price analysis shows the cryptocurrency got rescued at $215 as help from the bullish side came in. The SOL/USD seems stable at $218 now, but it is facing trouble in moving past the $219 level as this point falls under a resistance zone, but SOL has previously crossed above this point on 21st November but got rejected further above at $230. Overall, SOL’s price trend line has been downwards since 7th November, but some improvement was observed three days ago, and after yesterday’s bearish move, bulls are again struggling for supremacy today.

SOL/USD 1-day price chart: Bulls lead the price curve

The 1-day Solana price analysis reveals the cryptocurrency has recovered a bit as an increase in price is being observed today. The SOL/USD is trading at $218.44 in the market at the time of writing. However, the coin is still at a loss of nearly 1.44 percent over the last 24 hours as the recovery is nominal until now, and yesterday’s damage was quite notable. The SOL also reports a loss in value by 4.33 percent over the past week, as the price trendline is downwards overall.

The trading volume has also dipped by 6.63 percent during the last 24 hours, but the market cap has increased by 1.3 percent for the same duration of time, resulting in the market dominance of 2.60 percent for the SOL/USD pair.

The volatility is also high on the 4-hour Solana price chart, but here the volatility indicator shows no notable change with the upper band at the $228 mark, representing resistance for the coin, and the mean average of the indicator at the $217 mark represents support for the coin price. The RSI shows a downwards curve after going up during the last eight hours. This proves sellers have the edge. The price after traveling a little above the moving average has again stepped below; the moving average (MA) is trading at $219 level.

Solana price analysis: Conclusion

The Solana price analysis concludes the coin is bullish today, but overall circumstances are not in favor of bulls as many technical indicators are favoring bears; as the 4-hour chart shows, if the bearish pressure continues, then SOL will try to hold on to $217 support, and if the bulls take the lead again in the coming hours the coin will face the first layer of resistance at $219. If bulls successfully pass through, then the next crucial resistance will be seen at $227.

Disclaimer. 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.

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