- The Solana(SOL) price closed the previous day’s trade at INR 3164.8 with a market capitalization of INR 1.07 trillion and a circulating supply of 339,807,552.40 SOL
- The bears are believed to keep the SOL price and the entire crypto space into their captivity until the weekend
- Therefore, the price is expected to tank down by another 15% to 18% to form new lows in 2022
Solana (SOL) Technical – Analysis for the Week
The beginning of the weekly trade also the monthly trade, was pretty bearish as the prices kept on sliding since the last couple of days of May. However, the markets attempted to recover in the early trading hours, but only after a 6% to 7% rise, did the price begin to slump down. Currently, the prices have tanked down to their initial levels.
The bearish pressure may intensify in the next couple of hours which may impact the strength of the rally until the weekend. The price movements and the chart pattern suggest a bearish close for the week, dragging the price below INR 2800.
Solana (SOL) Technical Analysis at a Glance
Solana’s price is trading within a descending trend for the past 7 months forming constant lower highs and lows. The trading volume through May was reasonably high, yet the price kept on depleting. Hence indicating the bears to have maintained their dominance over the rally. Therefore, if a strong upswing has to ignite, then some record-breaking buying volumes are mandatory. Else, the prices could continue swinging within the same descending channel.
|Short-Term||The SOL price seems to have accomplished with a minor recovery and hence a significant plunge appears to be imminent|
|Mid-Term||A short-term bounce may be expected as the selling pressure may diminish soon|
|Long-Term||No doubt a minor buying volume has accumulated but it below the average levels and hence the prices could continue discovering new lows ahead|
Technical Indicators & Pivot Levels
|Technical Indicators||Value(1Hr / 1D)||Action (1Hr / 1D)|
|Relative Strength Index(RSI)||37.96 / 31.45||Sell / Sell|
|MACD(12,26)||-22.55 / -724.82||Sell / Sell|
|Average Directional Index(ADX)||25.90 / 36.65||Sell / Sell|
|Bull-Bear Power||-126.43 / -690.38||Sell / Sell|
|Moving Average(MA)-50||INR 3444.90||INR 5858.97|
|Moving Average(MA)-200||INR 3619.08||INR 9515.09|
|Resistance||INR 3208.52||INR 11051.09|
|Support||INR 2955.02||INR 1751.29|
|Average True Range(ATR)||42.77||288.45|
The SOL price at the press time has surged notably, yet according to the technicals, the asset is still drowning in a deep bearish weel. All the indicators in all the time horizons point out toward a ‘sell’ signal. Moreover, the volatility rate is also extremely low and hence no significant movement irrespective of the directions may be expected ahead. Therefore, the SOL price may continue with a descending trend until the bearish pressure eases out.
SOL/INR Technical-Analysis for Short-Term
- SOL price in the short-term has broken down the parallel consolidating channel and manifesting a probable bearish trend
- Mirroring the previous rally, where the SOL price dropped hard from INR 4000 to INR 3000, it maintained a significant ascending consolidation within a parallel channel
- However, the asset maintained its trend within the upper bands, lost the grip and dropped close to support. After brief consolidation, broke down from the support levels
- A similar scenario may repeat now as the price has reached the lower support and after chopping just above the support, may eventually slice through the support and tank down
- A plunge from these levels may drag the price below INR 3000 closer to the yearly lows registered in the previous days
SOL/INR Technical Analysis for Long-Term
- Solana price ever since formed a new high close to INR 20,000 has been trading within a significant bearish channel
- Multiple attempts of breaking above the resistance resulted in an intense descending trend towards the lower support
- And hence the current consolidation along the lower support may eventually ignite a notable upswing towards the upper resistance as it did previously
- Here, the asset is required to break the descending trend line and rise high towards INR 10,000, else it may slump down towards the lower support again
- If the SOL price drops from the resistance, the possibility of the asset plunging down below INR 1000 appears to be imminent
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