SOL Technical Analysis – October 2021
In the last 30 days, SOL has decreased by 35%. SOL found support at $116. Then, the price started increasing gain, where an increase of 52% was noticed. The price decreased by 22% after facing resistance at $178.
In the last 7 days, the price declined by 18%. The has started increasing again in the last few days. Nonetheless, the trend in a 1-hour chart is downward, indicating that the price can decrease.
The 20-day moving average has slightly moved above the price, meaning that the trend is now downward and that the price could decrease. However, if the upcoming candlesticks close above the MA line, then we could see the price of SOL increase in the coming days.
The 9-day EMA is also currently acting as resistance, meaning that the price could decline in the coming days.
Relative Strength Index
The RSI has been fairly average in a daily chart, but recently there were signs of increasing, meaning that the buying pressure for SOL is slowly increasing. The same applies to the 4-hour chart.
The MACD line is below the signal line in the daily chart, meaning that the momentum is bearish at the moment. However, in a 4-hour chart, the MACD line is above the signal line and is moving above the baseline. This means that the momentum is bullish.
Fear & Greed
The fear and greed indicator suggests that the current emotion of SOL traders is gree due to the recent increase in the price, meaning that traders are optimistic.
The Fibonacci retracement level suggests that the price has recently retraced to the 61.8%. This could mean that SOL might increase in the coming days and attempt to reach the 23.6% level.
Price Prediction SOL – October 2021
Based on this technical analysis of Solana (SOL), we could see its price increase in the coming days. If the resistance structure is broken and BTC continues to increase, then SOL could reach a new all-time high soon. Other things equal, a price of $500 is also quite possible when looking also at the fundamental analysis of Solana.
Latest News for SOL – Affecting Price
Solana NFTs are finally available in FTX. This makes NFTs in Solana much more accessible, which could also mean that the price might increase in the coming days. Solana maintains its place as one of the most promising projects in the market, so such additions can greatly affect its price.