- Solana (SOL) is currently moving in a sideways trend.
- MACD and RSI indicators remain neutral as the price of the token moves in a range.
- On the short-term chart, a Death Crossover seems to be approaching.
We can observe that the coin has gone into a consolidation zone at current price levels. The coin previously made a bull move after breaking one of its key resistances. However, that bullish move was not strong enough because the price could only reach its next nearby resistance.
Моноскопски поглед
On the daily chart, it seems like the coin can give a down move after it crosses $19.64 on the down side. Previously acting as the coin’s resistance, these price levels are now acting as its support. There are additional scenarios in which the price could first continue to consolidate at current price levels before breaking out of this consolidation zone and displaying a bull surge.
The MACD indicator previously gave a bearish crossover which led to fall in prices but now this crossover seems to be fading away as the histograms of MACD turns light red in color. This also implies that if there is a rise in price of the token, we may see a bullish crossover on MACD.The RSI curve, on the other hand, is currently trading below its 50-point level at 45.59. The value of the RSI curve may decrease if the token crosses the levels marked on the chart on the downside.
Overall, the RSI and MACD indicators are both neutral.
Мицросцопиц Виев
The price movement on the short-term chart is similar to that of the daily chart. The coin previously gave a Golden Crossover on the short-term chart, which caused prices to increase and the coin is now close to giving a Death Crossover. We may observe a decline in token prices following the Death Crossover.
By February 17, 2023, the price of Solana is expected to increase by 35.57% and to reach $28.57, according to Цоин Цодек'с most recent price estimation. Цоин Цодек further states that the current sentiment is bearish, as shown by its technical indicators and the Fear and Greed Index is at 50 (Neutral).
Zakljucak
Investors can wait for the token to reach its major support level from where it showed a bull move or they can look forward to buying the coin after it exits the consolidation zone on the upside.
Технички нивои
Нивои отпора - 25.38 и 35.12 долара
Нивои подршке – 19.64 и 12.20 долара
odricanje: Ставови и мишљења које је изнео аутор или било која особа наведена у овом чланку су само у информативне сврхе и не представљају финансијске, инвестиционе или друге савете. Улагање у крипто имовину или трговање са њима носи ризик од финансијског губитка.
Source: https://www.thecoinrepublic.com/2023/02/12/sol-technical-analysis-coin-on-the-verge-of-giving-a-down-move/