SOL price remains stable around on Tuesday. The price is in a downward trend since November after tagging the records highs.
- SOL price manages to trade in the green despite the previous session’s sell-off.
- The price remains pressured below the critical 50-day EMA.
- Expect more losses if the price closes below $16.0.
SOL price trades sideways
On the daily chart, the SOL price trades above the descending trend line from the record highs of $260. Further, the price trades above the critical 200-day EMA and 50-day EMA. This indicates an underlying bullish momentum in the asset.
SOL price stated the new series on a higher note. But the upside seems limited near $150. A resurgence in the buying momentum could strengthen the current price action at least in the short term.
If the price remains steady above the bearish sloping on a daily closing basis then the bulls will face upside hurdles. On moving higher an immediate resistance barrier is placed near the January 13 highs of $160. Next investors would crave for a horizontal resistance level near $180.0.
A sustained buying pressure would further push the price towards higher trajectories. The ultimate target for the bulls could be found at $200.0.
Trending Stories
On the other hand, if the price fails to sustain the sessions low then it would invalidate the bullish reversal arguments. The bears would revisit the horizontal support level placed at $115 followed by the lows of March 27 at $98.0
As of publication time, SOL/USD trades at $133.34, up 0.72% for the day. The sixth-largest cryptocurrency by the market cap holds a 24-hour trading volume holds at $2,621,743,109 according to the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index slipped below the average line. Currently, it reads at 45.
MACD: The Moving Average Convergence Divergence hovers below the midline with a neutral bias.
- Just-In: European Central Bank Says Crypto Unsuitable As Store Of Value
- Shiba Inu The Most-Held Token By ETH Whales, Is Metaverse Hype Back?
- South Korean Terra Holders Skyrocketed After Its Crash, Here’s Why
- Verse Metaverse – LA Villa Hand Over On May 30
- Bitcoin (BTC) Faces A Crash To 2020 Lows, Here’s Why
- On-Chain Data: Bitcoin (BTC) Always Pegs Higher Trust Over Ether (ETH) in Bear Market
- Is Terra’s Singapore Office A “Paper Company?”
- Bitcoin (BTC) Options Market Hints Major Downside Risks Over Next 3-6 Months
- Bitcoin (BTC) Fails to Hold $30,000 Again, Guggenheim CIO Predicts A Crash to $8000
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- AAVE Price Analysis: AAVE Chart Hints Coin Holders May Lose $100 Mark
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
