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Solana (SOL)/USDT Technical Analysis: 02 December 2021

Solana Technical Analysis

Solana (SOL)/USDT Technical Analysis at a Glance

The Solana coin since its inception in August 2020 remained calm and largely unnoticed until the beginning of the 2021 bull run. The price surged from just $20 to as high as $260 and currently, it’s trending within crucial zones where-in a breakout is mandatory. 

Short Term The asset may experience a consolidation to prevent a plunge and surge after accumulating strength
Mid-Term Formation of Doji hammer that indicates a tough fight between the bulls and the bears, therefore slight bearish as bears enjoy a little upper hand
Long-Term Appears bullish but cannot be confirmed before certain levels are registered

Solana(SOL) Price Technical Indicators

Solana crypto price became the talk of the town ever since it spiked above $200 quickly. The operations of the platform were discontinued for some time as it could not handle a huge crowd. Yet it managed to overcome the trembled situation in no time and marched high to hit ATH at $260. Currently, the SOL coin price is facing a drain, yet the short-lived consolidation may end soon.

Relative Strength Index(RSI)

The RSI in the long term is touching the skies, however, a minor divergence is seen which may result in a slight pullback. The RSI levels are required to attain a minimum of 62 levels to confirm the uptrend. In the short term, the RSI has been trending within upper bands for the past couple of days. Yet the recent surge elevated the levels towards the highs, hence bullish. 

MACD

MACD is extremely bullish in the long term. The selling seems to have eased out signalling a buy. However, in the short-term, it is preparing for the buy signal and hence small consolidation may be on the horizon. 

Moving Average(MA)

The Solana crypto price is swinging much above the 100 & 200-day MA and therefore manifests the bullish trend to continue. Both the averages have crossed themselves multiple times in the short term. Currently, the 100-day MA crossed a 200-day signaling a buy and eventually a bullish trend. 

Bollinger Bands

Solana’s price in the short term could hit the lower levels of the bands but with the fresh surge, the price is halfway towards the upper resistance levels. Later a bullish trend can be confirmed that could uplift the price beyond $250. The long-term Solana price forecast also manifests a bullish trend yet includes some consolidations.

Solana(SOL) Price Analysis for the Week

The Solana crypto price is trending within the ascending parallel channel ever since it flipped the bearish divergence. Following a similar trend, the SOL token may eventually test the crucial resistance levels at $241. Further, the asset may spike to trade in a price discovery zone after slicing through the current ATH at $260.

Source: Tradingview Date: 02-12-2021 Time: 02:35pm

Solana(SOL) Price for Today: 02 December 2021

Solana’s price is manifesting a silent uptrend including healthy fluctuations. The price trend with a couple of pullbacks is required for a steady rally. At the press time, Solana’s crypto price is around $225.05 with a jump of 1.95%. The trading volume spiked more than 14% to record more than $3 billion with a market cap of nearly $70 billion.

Where to Buy Solana 

Solana coin is listed on multiple crypto exchanges in India. Investing in Solana tokens is quite simple and hassle-free on one of the popular cryptocurrency exchanges in India, CoinDCX. Here you can just download the CoinDCX mobile app on your smartphone and start investing in cryptocurrencies in just a few simple steps. 


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