SOL Technical Analysis – September 2021
Solana had one of the best bullish runs so far in the last couple of months. It reached an all-time high at $215 after increasing by 400%. This new high was then followed by a pullback, which saw SOL find support at $142.
In the last 7 days, SOL decreased by 34%. This decrease indicated that the bullish run might be over. However, the longer-term trend still suggests that SOL can increase again, even more so after finding support at $142.
In the intraday chart, the price of SOL has been fluctuating largely, making it highly volatile, and perhaps profitable for day traders. The coming hours can show whether the recent price decrease was just a retracement or if the downtrend has begun.
The 20-day moving average suggests that the price of SOL is still bullish and that it may keep increasing in the longer run. This MA line has recently supported SOL and may continue to do so in the coming days.
The 9-day EMA, however, is above the price due to the recent pullback and suggests that the price might keep decreasing in the coming days.
Relative Strength Index
The RSI of the daily chart is now below 70, meaning that SOL is no longer overbought. One of the biggest reasons why SOL even had this recent retracement was because it was way over the 30-70 region.
The MACD line has recently gotten below the signal line, indicating that the current momentum is now bearish for Solana. If the MACD moves below its baseline, then it might be a good indicator that the trend is now downwards.
Fear & Greed
The fear and greed indicator suggests that the current emotion for SOL is neutral. While this causes uncertainty, it might be a good sign that fear is not dominating even though SOL has been decreasing over the last few days.
Price Prediction SOL – September 2021
Based on this technical analysis, we might see SOL reach a new all-time high if it breaks resistance. This is primarily due to the fact that SOL retraced to the 38.2% Fibonacci level and found support there. If the price starts increasing, then SOL could aim to surpass $250 in the longer run, other things equal. However, if support at $142 is broken in the coming hours, then SOL might go further down to $100.
Latest News for SOL – Affecting Price
One of the biggest reasons for Solana’s recent decrease was that on Tuesday of this week, the Solana network crashed. Solana announced that the reason for that was that the network was over-exhausted. However, Solana is now back online, and it may keep increasing at the same rate as it used to before the crash.