Solana (SOL) Price Prediction 2022: Will SOL Recover After a 4% Dip?
- Linda HamiltonOriginal
- 2024-10-09 00:20:12999browse
The Solana price slumped 4% in the last 24 hours to trade at $142.42 as of 3.20 a.m. EST on trading volume that surged 41% to $2.4 billion.
The Solana price dropped 4% in the last 24 hours to trade at $142.42 as of 3.20 a.m. EST on trading volume that surged 41% to $2.4 billion.
Solana’s own technical indicators suggest that the SOL coin could soon see a recovery, as it has seen quite a sharp dip over the last day.
Its Bollinger bands saw a sharp narrowing a few hours ago, when the price was halfway between the two bands. While the bands had widened since then, the price has dropped to the lower band, pushing it further down, which is a bearish signal, which caused the price to continue its descent.
However, coupled with this signal is the performance of Solana’s Relative Strength Index (RSI), which has seen consistent fluctuations between the oversold zone and the neutral area. The metric’s purpose is to show whether traders are buying or selling coins and tokens, and in SOL’s case, it suggests that the traders are buying as soon as the RSI drops to the edge of the oversold zone.
But, they are also selling again when the price approaches the neutral area, suggesting that even the buyers who are willing to purchase at this time are not optimistic enough to hold Solana for longer, and are instead reacting as soon as the price sees a slight increase.
The market remains volatile and uncertain, and the traders are engaging in numerous small day trades, seeking even minor profit, but are unwilling to try to trade against the market and attempt to push SOLs price back up.
With that said, it is clear that Solana is unlikely to start trading against the market, and specifically against Bitcoin, but will instead continue to follow the older cryptocurrency’s lead for the time being.
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