Solana Price Analysis – March 1

Solana (SOL) price fell 3.81% after hitting a daily high of $101 and may stop at $90.

SOL/USD Market

Key levels.

Resistance levels: $120, $125, $130

Support levels: $80, $75, $70

Solana Price Analysis

If the token falls below the 21-day moving average, SOL/USD could fall. However, the token is trying to maintain its movement above the 9-day and 21-day moving averages to cross the upper limit of the channel. Now, if the shorts push the market below the moving averages, it could lie at an immediate support level below $85. Below that, further support may be found at $80, $75 and $70, respectively.

Solana Price Analysis: SOL prices may consolidate to the upside

As the daily chart shows, if buyers can hold support at $95 and prices start to climb, bulls may expect immediate resistance at $100 above the upper limit of the channel. However, a slight move higher could position higher resistance at $120, $125 and $130. Meanwhile, the technical indicator Relative Strength Index (14) plunged 50 levels, suggesting that the market could move sideways or follow a bearish trend.

SOL/BTC market: prices continue to move sideways

Solana is trading below its 9-day and 21-day moving averages relative to Bitcoin. Therefore, Solana could start a downtrend forever as long as the token remains below this barrier. However, buyers will need stronger and sustained resistance to keep the price away from the bears, which could push the token towards the upper end of the channel.

20220301-123.png.webp

However, based on the current trend of the daily chart, SOL/BTC could hit a key support level of 2000 SAT and below if the price remains below the moving averages. Conversely, if the market price crosses above the moving averages, it could hit potential resistance at 2600 SAT and below as the technical indicator Relative Strength Index (14) crosses below the 40 level.