Price Analysis

Solana Surges Nearly 10%, Yet SOL Price May Continue With the Bearish Trend

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Feb 28, 2022

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Highlights

    The Solana price since the beginning of the current trading day underwent huge uptrend, bouncing off from the previous day’s lows

    Despite the bullish momentum being accumulated the asset is still pretty bearish in the higher time forming multiple lower highs and lows

The Solana price began the current day’s trade on a notable bullish note, flipping off from the lower Bollinger bands. Despite accumulating huge buying volume, the SOL price is displaying a significant bearish trend. The asset is constantly failing to sustain above $92 levels for a long time. And if a strong bullish trend has to be materialized, then an elevated monthly close above $95 has to be recorded. 

The SOL price in both short-term is manifesting a possibility of a pullback but in the long term is extremely bearish. The price has smashed the upper bands of the Bollinger Bands which appears to be primed for rejection yet again. On the other hand, in the long-term, the price is attempting hard to prevent hitting the lower bands. As the bands are squeezing and may break out towards the levels last recorded. Currently, the price is hovering within the lower bands and may break down towards the south.

Also Read: Is the AltSeason 2022 around the Corner? These Altcoins Showcase Huge Potential To Surge High Quickly! 

The SOL price ever since smashed the highs in November 2021, is trending mostly within the lower bands. However, the bands were pretty much open and wide and hence the price had some room to consolidate and attempt a retest. However, currently, the bands are squeezed as the distance between resistance and support levels have reduced considerably. And hence in most cases, the assets break towards the direction of the price trend. 

Additionally, the SOL price in the large time frame is swinging within a descending parallel channel. Moreover, it is forming constant lower highs and lows and showcases the huge possibility of hitting the lower support at $70 yet again. Here if a rebound is ignited, then the Solana price may get a notable boost to propel high. Else could revisit the lower support below $50. Therefore the upcoming monthly close may play a vital role in deciding the trend and the Q1 close of 2022. 

Also Read Bitcoin(BTC) Price’s Monthly Close Approaching Very Fast, May Record a Bearish Close!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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