Solana is a new blockchain based on the Ethereum network. It’s based on Proof of Stake and has a focus on scalability, energy efficiency, and security. The project has been in development for over 2 years and is finally ready to be released soon.
The solanalysis is a technical analysis for crypto traders. It offers information about the current price, market cap, supply, and other metrics of the coin.
We utilize historical data, price analysis, RSI, RVOL, and other information about SOL to evaluate the cryptocurrency’s future movement in Technical Analysis of Solana (SOL) for 2021.
Solana is a strong open source project that uses blockchain technology’s illegal nature to offer decentralized financial (DeFi) solutions. Although the concept and first project development started in 2017, the Solana Foundation formally launched the project in March 2020. The company’s headquarters are in Geneva, Switzerland. It uses Proof-of-History (PoH) consensus with basic Proof-of-Stake (PoS) block consensus to enhance scalability.
Current Market Situation for Solana (SOL)
At the time of writing, the SOL price was trading at $34.93 with a 24-hour trading volume of $546,813,703 according to CoinGecko. SOL, on the other hand, has risen by 8.6% in the past 24 hours.
In addition, there are 272,637,122 SOL in circulation. SOL is now available for purchase on Binance, OKEx, Huobi Global, and Bilaxy.
Solana (SOL) Technical Analysis 2021
On CoinGecko, Solana (SOL) is now ranked 13th. SOL may be pushed to new heights by current improvements and enhancements. Let’s take a closer look at the SOL technical analysis for 2021. Solana (SOLweekly )’s time frame chart is given below.
Rising Wedge pattern in SOL/USDT (Source: Tradingview)
The “Rising Wedge pattern” is formed by the chart above. This is a bearish pattern that begins broad at the bottom and narrows as the trading range narrows and prices rise. It signals a slowing of momentum, which typically occurs before a negative reversal, allowing traders to identify possible selling opportunities.
SOL is now trading in a $33.9 range. If the price breaks through the $18.5 trend line support level, it will continue to fall to the $1.12 level. It will soon hit the $80 level if the trend continues on the upper side.
RSI for Solana (SOL)
The relative strength index (RSI) of SOL is shown in the chart below.
RSI SOL (Source: TradingView)
The RSI is still at 51, as seen in the graph below. This indicates that the price of SOL is neither overbought nor oversold. This, on the other hand, demonstrates that merchants may trade without worry.
RVOL Solana (SOL)
The Relative Volume of SOL is shown in the graph below. RVOL is a trading volume indicator that shows how current trading volume has changed over time in comparison to past trading volume.
RVOL SOL (Source: TradingView)
Specifically, the RVOL of SOL observed is greater from mid-May through the third week of June. The RVOL of SOL has been below the cutoff line from the final week of June till the time of writing, indicating the weaker participation in the present trend.
Moving Average for Solana (SOL)
The chart below depicts SOL’s Moving Average (MA). A moving average is a tool used in technical analysis to assist traders in identifying trends.
MASSIVE SOL (Image courtesy of TradingView)
The price of the SOL is negative in the 50 MA (short-term), and it has yet to break through the 200 MA. It fully shifts to a bearish condition if it breaches the 200 MA level of SOL.
The price of SOL is now trading around the 200 MA line, therefore we may predict a reversal at these levels.
Comparison between Solana (SOL) and Bitcoin
The price comparison between SOL and BTC is shown in the graph below.
Chart comparing the prices of SOL and BTC (Source: TradingView)
The BTC and SOL are moving in lockstep with the overall trend.
With the continuing improvements and updates to the SOL platform. In current crypto economy, Solana has a bright future. SOL, on the other hand, has the potential to reach unprecedented heights.
$80 is a bullish SOL price forecast for 2021. As previously said, it has the potential to achieve tremendous heights, with a price of $117 if investors believe that SOL is a smart investment in 2021.
What exactly is SOL?
SOL is a censorship-resistant, fast, and secure blockchain that offers the open infrastructure needed for worldwide adoption. Solana is the local currency.
Where can you get your hands on SOL?
Binance, OKEx, Huobi Global, and Bilaxy are just a few of the cryptocurrency exchanges that have SOL listed. It may be traded for crypto fiat currencies, stablecoins, and other cryptocurrencies.
Will SOL be able to set a new ATH in the near future?
With the SOL platform’s continuous development and improvements, it has a good chance of achieving its ATH shortly.
Disclaimer: The views stated in this graph are entirely those of the author. It should not be construed as investment advice. Before investing, TheNewsCrypto staff advises everyone to conduct their own research.
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The solana analysis is a technical analysis of the cryptocurrency, SOL. It will provide insight on what to expect from the future price movements of this digital currency.
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