Is it too late to buy Solana? The Crypto Experts Share Their Solana Prices Predictions
Solana (SOL), bulls struggle to rally as price action continues to be dangerous.
Solana currently trades at $21.73, a 24-hour change of -0.51%, and Solana is fighting to keep rally structure. But judgment day is near.
SOL, like most risk-on assets has seen a steady rise into the new year. Bulls are riding high on positive macro sentiment throughout January.
Markets have been energized by a bullish Bitcoin, spurred on by a rise in the S&P500 as well as dovish sentiment from Powell.
Are the Solana (SOL), rallies losing steam?
Some fear that the SOL rally may be losing steam.
Weeks of fighting against the $22.50 reject was what characterized February’s beginning.
It was a messy 10 days affair. The Solana price dropped below the 200 Day MA on February 9.
The rally chart structure is the same as when bulls rushed to grab support and found local legs at $20.00. SOL is still in the woods. SOL is trapped in a consolidatory range pattern between the 200 Day MA (vitally supportive) and the lower trend line.
This dangerous pendant arrangement is being brought to an end. This rally must be stopped by the 200 Day MA.
Rally structure would suffer if this support is broken. Prices are likely to fall to $16.00, the nearest support.
A break above the 200 Day MA would allow the rally to test at $22.50. Price would rise to $26.00 if this ceiling is broken.
Key Solana (SOL) indicators
The RSI 14 is not able to provide any insight into current price action. On-the-fence 55 is a minor bearish divergence that indicates cautious buy pressure.
The MACD is 0.139, a minor bullish divergence that reflects bulls trying to test the local resistance of the 200 Day MA.
SOL’s New Year rally will be judged.
If things go well, the upside potential is $26.00 ( 18.8%). The downside risk, however, is much greater at $16.00 ( 18.8%).
This results in a Solana price analysis risk:reward ratio of 0.07 – an unattractive and risky entry.
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Is it a good time to buy a SOL now?
SOL will likely see a significant rally in the near future, but this could take several months. We’ve reviewed the top 15 cryptos for 2023 as evaluated by The Blockchain Foundation. CryptoNews Industry Talk team.
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