Reveal the best time to buy Solana (SOL) by analyzing its price trends, patterns, and prospects in the future.
As the global market cautiously climbs up, Bitcoin fails to rise beyond $70k, while Solana altcoins altogether boast a value of $225. 1 billion. Despite recent fluctuation and has touched $175. 48, Solana (SOL) still lingers below $200, making investors wonder when the correct time to buy is despite the bearish streak that has been seen lately.
Analyzing Solana’s (SOL) Current Market Standing
Source: CoinMarketCap
Today, Solana’s SOL is at $159. 28, which, however, only represents a mere 0. 07% decline in the last 24 hours and a comparatively larger, or 3. There has been a 66% reduction in the number of positive samples in the past week. However, the SOL aspect has a positive monthly trend with a 3. 30% increase.
It had a market capitalization of $73. 32 billion daily, making Solana the fifth largest digital asset by market capitalization, according to CoinMarketCap, with current trading volume of $1. As we have seen, borrowers demanded $37 billion on the last day.
However, Solana is still far from hitting its all-time high of $260, although it has been making intermittent spikes in the last few months. 06 from November 7, 2021 and showed a significant movement with negative 38. I still recorded a $4.52% decrease from its highest point.
A Closer Look at the Technical Performance of Solana (SOL)
The technical analysis of Solana has various trends; however, the short-term average trends are bearish, including the Exponential Moving Averages at 164. 12, 164. 61, and 163. 52, signaling a sell.
Short-term SMA and EMA are sell signals in opposition to the buy signals of the long-term SMA and EMA, which means Solana’s potential when there is short-term bear pressure. However, analyzing medium and long-range moving averages indicates that Solana has favorable long-term prospects.
With an RSI of 45, пенс. 32, At the time of writing this article, it seems that Solana is not overbought or oversold.
Other oscillators float in the middle of the range, which underlines the absence of any distinct directional bias.
Compared to the CCI at -125.53, 53 indicates a buying signal, and the MACD level at 0.50 indicates an oversold signal, meaning that Solana has some bearish signals in its market as well as bullish signals.
Fibonacci pivot points demarcate pivotal support at 157.70 and resistance at 196.71, with a potential breakdown indicating that more bulls will drive the prices upwards to the resistance levels of 227.92 and 298.14.
