- Solana shows a slight upsurge after the market blinks green in intraday trading.
- However, the coin is 64% down since November 2022.
- At press time, SOL trades at $13.6.
Following a slight upsurge in the crypto market, Solana (SOL) showed a $13.79 high, at press time. The sixteenth coin in terms of market cap is at $13.6, as of now. Also, the coin is 2.6% and 1.3% up in the past 24 hours and the past seven days, respectively.
SOL signaled a good hike on November 23 but, it went down showing a uniform fluctuation without any lucrative result. The coin also dropped off in the past day from its price on December 7— $14.35 to $13.27 on December 8.
While looking at a wider range, SOL started nosediving on November 5, at a rate of 64%, due to the collapse of FTX. Although a major resistance level cannot be expected for the coin, it would tap at the nearest resistance of $14.55. If any positive economic factors occur, the coin would hike to the nearest resistance only if the bulls restore their position in the market accordingly.
Meanwhile, the 20-day EMA of the one-day trading chart of SOL signifies that if the current green candle touches the EMA line, turbulence will happen to turn the coin’s value either for a dip or a spike.
The Bollinger Bands for SOL indicate more fluctuations for the coin as the bands show expansion and the price candles are moving within these bands. The upper band is at $15, whereas the lower band is at $12.16.
In the 4-hour chart, SOL price analysis can be predicted in different ways. As clear from the graph, the price candle would touch the 200-day EMA line and the coin would skyrocket to the resistance zone of $17 (Resistance 1). In this case, the SOL price would also see another uptrend, fixing its price at the $18 resistance zone (Resistance 2).
However, the price could also go down if SOL taps at support zones such as $12 (Support 1) and $10 (Support 2).
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