Solana has performed brilliantly in 2021. The smart contracts platform is known for its low transaction fee, higher speed, and great operability. The SOL token made a new all-time high on Nov 6 and is currently 12.78% below the ATH. Also, the token is 44804% above its all-time low from 2 years ago.
Solana rose by historical amounts in the month of August and has been in an uptrend since June. The asset surged by 194% in August, followed by 30% in September and 43% in October. For November, the SOL token is already up by 12%.
According to the weekly analysis, the token rose by 23% in the week ending Nov 1, while the following week has been bearish for the price action.
The nearest resistance for SOL rests at $253.5, while the nearest support level rests at $220.7. If the price trend continues, we can expect higher prices in the long term.
Solana price analysis on the daily chart
Solana’s price action has been sluggish for the past few days. However, the price action seems to be on the bullish side in the long term, as the 50-day and 100-day Moving Averages remain below the price movement. This indicates that bullish sentiment prevails in the market.
Also, the price action failed to break out from the upper end of the Bollinger Bands but continued to progress in the upper end of the Bands. Nevertheless, prices are falling, and a continuation might lead to a breakout.
According to the data from the chart below, the MACD indicator has turned bearish as the signal line crossed above the MACD line (blue line), indicating the bearish divergence scenario. Lower prices are possible in the short term as the histogram turns red.
The RSI indicator indicates a surge in selling pressure as traders are selling their tokens. The gradient is negative although, the line is still in the bullish region.
Final Verdict
Solana price analysis yields a bearish price for today. Price action will be sluggish in the short term but bullish in the long term as Solana aims to re-capture its 4th position in the market.