Solana Price Analysis – March 1
The Solana (SOL) price may find a halt at $90 as the price is down by 3.81% after touching the daily high at $101.
Resistance levels: $120, $125, $130
Support levels: $80, $75, $70
SOL/USD may likely drop lower if the coin crosses below the 21-day moving average. However, the coin is trying to maintain its movement above the 9-day and 21-day moving averages in other to cross above the upper boundary of the channel. Now, if the bears push the market below the moving averages, the immediate support below the $85 level may be located. Beneath this, further supports may be found at $80, $75, and $70 respectively.
Solana Price Analysis: SOL Price May Consolidate to the Upside
As the daily chart reveals, if the buyers can hold the support at $95 and the price begins to climb higher, bulls may expect immediate resistance to be located at $100 which is above the upper boundary of the channel. However, moving a little bit higher may locate the higher resistance levels at $120, $125, and $130. Meanwhile, the technical indicator Relative Strength Index (14) nosedives 50-level, which shows that the market may either go sideways or follow the bearish movement.
SOL/BTC Market: Price Keeps Moving Sideways
Against Bitcoin, the Solana is trading below the 9-day and 21-day moving averages. Therefore, in as much as the coin remains below this barrier, Solana may perpetually begin a downtrend. However, buyers need more strong and consistent resistance to keep the price from the bear-run which could push the coin towards the upper boundary of the channel.
However, with the current movement on the daily chart, if the price remains below the moving averages, SOL/BTC may hit the critical support level at 2000 SAT and below. On the contrary, if the market price crosses above the moving averages, it could hit the potential resistance at 2600 SAT and below as the technical indicator Relative Strength Index (14) crosses below 40-level.