The price of SOL/USD has been bullish since its listing on Bittrex in January, but the recent bearish momentum stems from a break below $90 support and significant losses seen across nearly all major cryptocurrencies. The cryptocurrency will need to rally back above this level if it is to continue moving higher against the US dollar.
The “solana price” is a cryptocurrency that has been trading bearishly below $90 support. The solana price is currently at $87.
Price Analysis for Solana on March 5th
Solana’s price, like that of other other altcoins in the crypto market, is on the decline.
Market for SOL/USD
Levels of importance:
$120, $130, $140 are the resistance levels.
Levels of support: $60, $50, and $40
As the coin falls below the 9-day and 21-day moving averages, SOL/USD is back in the midst of consolidation. The price of Solana is now hovering at $88.68. If the market continues to fall, the $80 support level may be reached in the following few bearish swings.
Solana Price Analysis: Will the Price of Solana Move Sideways?
The Solana price is presently trading below the 9-day and 21-day moving averages, while the technical indicator Relative Strength Index (14) is also trending down, below the 40-level. Meanwhile, the currency might either move sideways or slide to the downside, creating a new low.
As a result, if bears maintain control of SOL/USD, the Solana price may find support around $60, $50, and $40, respectively. On the upside, if the bulls take a step back and push the currency over the 9-day and 21-day moving averages, the coin might meet resistance at $120, $130, and $140 if it crosses above the top border of the channel.
Market for SOL/BTC: Price Could Drop
SOL/BTC may continue to trade below the 9-day and 21-day moving averages on a daily basis. On the daily chart, however, the price is not creating an upward trend as bulls strive to push the currency higher. If the bulls can get the currency over the moving averages, the price of Solana will likely continue to rise. As a result, any more positive movement might push the currency over the 2800 SAT barrier level.
However, looking at the present technical indicator Relative Strength Index (14) on the daily chart, it looks that if the signal line goes below the 40-level, bears are likely to gain traction. Meanwhile, if the Solana price falls below the channel’s bottom border, it may test support at 1800 SAT and below.
The “solana price prediction $1,000” is a bearish trade that was made below the $90 support. The next support level is at $80.
