Solana Price Analysis – March 5
The Solana price remains at the negative side, just like any other altcoins in the crypto market.
Resistance levels: $120, $130, $140
Support levels: $60, $50, $40
SOL/USD is back in the middle of consolidation as the coin drops below the 9-day and 21-day moving averages. The Solana price is now roaming around the $88.68 level. However, if the market continues the down-surge, the $80 support may surface in the next few negative moves.
Solana Price Analysis: Would Solana Price Move Sideways?
The Solana price is currently trading below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) moves in the same direction below 40-level. Meanwhile, the coin may either move sideways or create a new low by sliding to the downside.
Therefore, if SOL/USD stays under the control of bears, the Solana price may locate the support levels of $60, $50, and $40 respectively. On the upside, if the bulls step back and push the coin above the 9-day and 21-day moving averages, crossing above the upper boundary of the channel could find the potential resistance levels at $120, $130, and $140.
SOL/BTC Market: Price May Head Downwards
Looking at the daily chart, SOL/BTC may remain below the 9-day and 21-day moving averages. Although, the price is not forming an upward trend on the daily chart as bulls are attempting to recover the coin back higher. However, the Solana price is likely to create an additional uptrend if the bulls push the coin above the moving averages. Therefore, any further bullish movement could take the coin to the resistance level of 2800 SAT and above.
However, looking at the current technical indicator Relative Strength Index (14) on the daily chart, it appears that bears are likely to come into focus if the signal line moves below 40-level. Meanwhile, if the Solana price crosses below the lower boundary of the channel, it could hit the support level of 1800 SAT and below.