Solana price analysis shows a horizontal trend in place, with price eyeing recovery after crashing from the $25 mark. With the current trend stabilising price, SOL will look to target the $23 price mark which is also the current resistance point. Price rose around 2 percent over the past 24 hours, settling at $21.67 at the time of writing. Overall, the token has still lost 21 percent in price since April 19. Solana continues to sit at the 10th rank among cryptocurrencies, holding a market cap of $8,505,800,284.
The larger cryptocurrency market showed signs of uptrends across the board, as Bitcoin rose 3 percent to move up to $28,300, while Ethereum moved into touching distance of the $2,000 mark. Among leading Altcoins, Ripple rose 2 percent to $0.47, with Cardano undergoing a similar increase to move up to $0.39. Meanwhile, Dogecoin stayed at $0.07, and Polkadot remained just below the $6 mark.
Solana price analysis: SOL approaching moving averages on daily chart
On the 24-hour candlestick chart for Solana price analysis, price can be seen stagnating into a horizontal trend, after crashing more than 25 percent since April 19. While the current sideways trend can be taken as a sign of recovery, price could move either way from the current point. With the $23 resistance in sight, SOL is looking up to the 9 and 21-day moving averages that sit above current price, as well as the 50-day exponential moving average (EMA) at $22.14.
The 24-hour relative strength index (RSI) can also be seen forming some recovery after the initial decline from the 68 mark. While market valuation remains low currently, a pick up in price up to the next resistance point will see the RSI climb upwards. Meanwhile, the moving average convergence divergence (MACD) curve continues to show a bearish divergence in place, with the trend line remaining well below the signal line at current trend.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
