Solana ranks 5th on the entire crypto market and has risen by massive amounts in the recent weeks. The smart contracts platform has secured humongous investment from institutional investors.
As per data from CoinMarketCap, the Solana prices are down by 2.22%, with a 15.60% drop in trading volume. The market capitalization of the token dropped by 0.20%, and is currently at $64.6 billion.
On the other hand, the data from CoinGecko shows that the token fell by 5.0% in the past 7 days, followed by 12.6% in the last 14 days. This data further claims that Solana rose by 9100.7% in the past year.
The token opened the daily candle today at $221 and rose to the daily high of 222 USD. The lowest price for the day was $207. However, the daily candle for Nov 24 hasn’t closed and we can expect more volatility as the day ends.
Solana price analysis on the daily candle
Solana price analysis is bearish for today, dropping by around 6%. However, the 50-day and 100-day Moving Averages continue to progress below the price fractal. This indicates that the prices will remain bullish.
On the other hand, the price movement continues to progress in the lower end of the Bollinger Bands, and suggests a breakout if sellers maintain their dominance.
The MACD indicator shows a bearish price movement as the MACD line (blue) continues to progress below the orange (signal line). This shows that the sellers are in control of the momentum.
The RSI line is progressing with a bearish stance as the gradient is negative and lower prices might follow. Moreover, the line is dropping below the 50-level which is the neutral zone. This drop indicates that lower prices will follow in the short term.
To conclude, it seems that the SOL/USDT pair will remain above $200. However, the possibility of bears remaining in control of the prices is high.