- 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||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|
|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|
|Average True Range(ATR)||215.64||576.70|
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
- 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
- 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)
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