Crypto Technical Analysis

Solana (SOL) Technical Analysis: Will SOL Price Smash INR 10K in Q1 of 2022?

Solana Technical Analysis

Key Takeaways

  • The SOL price closed the previous day’s trade at INR 9263 with a market capitalization of INR 4000 Crore and a circulating supply of 325,255,620.62 SOL
  • The asset broke the bearish trend and is attempting to lay down a strong uptrend by chasing INR 10,000 target by the end of the month or in the first few days of April

Solana (SOL) Technical-Analysis for Today: 31 March 2022

The previous day’s close and the beginning of the present trading day were pretty bullish with a gain of more than 13%. However, the price is currently facing a 2% to 3% pullback which has been constantly challenged by the bulls. And hence the SOL price is expected to surpass the crucial resistance at INR 9357 at the earliest and try to register a bullish close by hitting the previous day’s highs around INR 9750.

Solana (SOL) Technical Analysis at a Glance

The SOL price broke out of the descending parallel channel despite a formation of a bearish hammer. However, during the previous day’s trade, the asset witnessed almost equal buying and selling pressure which enabled the asset to close the trade around INR 9,200. However, the asset has maintained an elevated trend since the early trading hours but due to squeezing volume, bears may take over the rally anytime.

Short-Term The SOL price appears pretty strong, hovering above the average levels and aiming to hit INR 10,000 slicing through the previous day’s highs at INR 9750
Mid-Term The asset is maintaining a notable uptrend, despite a couple of pullbacks and hence a significant surge may be witnessed throughout the trading day
Long-Term After breaking the descending channel, the SOL price registers a significant uptrend. No doubt minor chances of a pullback may be expected, yet the asset could handle the trembled condition

Additional Read: Solana vs Ethereum

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 63.54 / 74.14 Buy / Buy
MACD(12,26) 165.34 / 472.36 Buy / Buy
Average Directional Index(ADX) 40.5 / 60.20 Buy / Buy
Bull-Bear Power 425 .23 / 2516.44 Buy / Buy

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 INR 8830.32 INR 7357.03
Moving Average(MA)-200 INR 8102.50 INR 11,956.32
Resistance INR 10,203 INR 12,474
Support INR 9146 INR 8151

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 39.57 64.08
Ultimate Oscillator 42.41 58.01
Average True Range(ATR) 215.64 576.70
CCI 83.30 177.43

The Solana price is extremely bullish in all time frames with almost all the indicators pointing toward a ‘buy’. The RSI is surging high while MACD displays mounting buying pressure in both time frames. Currently, in the short term, the asset is less volatile but highly volatile in the long term, while the rally strength remains high. 

However, the current price has surpassed crucial MA levels in STF and hence appears to be pretty bullish. However, if the asset reaches the 200-day MA in the HTF, then a notable uptrend may be set off that may in turn ignite a notable bull run towards INR 10,000.  

Additional Read: Solana Price Prediction

SOL /INR Technical-Analysis for Short-Term

Source: CoinDCX

  • The SOL price after being rejected at INR 9500 scrambled down drastically, while they attempt to undergo a parabolic recovery fail
  • The price after rebounding from the lower support a couple of times has formed a double-bottom pattern and surged till the neckline
  • Yet the asset is again testing the same resistance at INR 9342 and appears to be poised enough to break through these levels
  • However, a breakthrough from these levels may not validate an uptrend as clearing the upper resistance at INR 10,707 is extremely important, slicing through INR9,958 levels.

Additional Read: Solana vs Polkadot

SOL/INR Technical Analysis for Long-Term

Source: CoinDCX

  • The SOL price has recently broken the descending parallel channel and made a huge attempt to follow a notable uptrend
  • After undergoing a parabolic recovery the price is currently testing the crucial resistance levels
  • But woefully the selling pressure is pretty high. Therefore, surpassing these levels may be a tedious job while attaining INR 10,000 may keep the hopes alive
  • However, the buying volume appears to be aggravated and hence a slow yet steady upswing may be pre-programmed

Additional Read: Ethereum Killer: Solana

Where & How to Buy Solana (SOL)

CoinDCX is India’s most reliable cryptocurrency exchange offering a wide variety of assets, multiple features, and benefits. To register, just download the CoinDCX App on your smartphone and enter the required details. Once the platform verifies the details, fund your wallet and buy SOL or any of your favorite tokens.

Investing in any of your desired tokens has been made extremely simple with the newly launched Crypto Installment Plan(CIP). Here you can invest in your favorite token at regular intervals and in fixed weekly installments. Therefore, start in Bitcoin & other cryptos with Crypto Investment Plan now!


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to .
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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