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- 1 SOL price signifies a minimal retracement and is dragged to the 100-day EMA.
- 2 Sellers are looking to push the SOL crypto toward the $100 mark.
The SOL price displays neutrality and trades near the mid-Bollinger Band support zone. Despite the market bearishness, the SOL crypto did not lose many gains, remained above the midline region, and decisively held gains. Furthermore, the trend is positive, and buyers have started accumulating. If the bull army successfully retains the $150, the short covering will start, and the pullback can be stretched toward $165.
At press time, the Solana crypto (SOL) price traded at $136.18 with an intraday drop of 5.20%, reflecting neutrality on the charts. It has a monthly return ratio of -26.20% and 511.10% yearly. The pair of SOL/BTC is at 0.00216 BTC, and the market cap is $60.89 Billion. Analysts are neutral and suggest that the Solana crypto retain strength and pick up momentum in the following sessions.
SOL Price Volume Profile Analysis On Daily Chart
Per the Santiment data, the price-to-volume profile showcases a retracement and has retested the 100-day EMA mark in the last trading session. However, the trend is neutral, and buyers want to retain the $150 mark. Meanwhile, the SOL crypto price is at its strong support zone and is anticipating a rebound ahead. The intraday trading volume dropped over 27.29% to $2.38 Billion.
Price Volatility and Weighted Sentiment Outlook
Amidst the price consolidation, the price volatility curve spins over 5.20% to 0.016. However, the weighted sentiment looks neutral and stayed near the midline around -0.548.
Social Dominance and X Followers Insights
The social dominance data witnessed a nominal upmove of over 2.09% to 4.423%, noting an increase in the discussion reports. However, the X followers data noted a severe decline over 31.89%, dropping to -434.
Development Activity and Total Open Interest Insights
On the daily charts, the development data witnessed a notable decline and stayed below the midline around 98.96, showing a negative outlook. However, the derivative data signifies a short covering. The open interest dropped over 2.89% to $1.42 Billion.
Per the Fib levels, the Solana price trades near the 38.2% support zone and is above the mid-Bollinger Band, directing neutrality on the charts. However, the RSI curve stayed below the midline region, and a positive crossover was noted on the charts.
The total supply of the Solana crypto is 574.75 Million, whereas the volume-to-market cap ratio is 0.0391, ranked 5 in the global crypto market cap.
Summary
The Solana crypto depicts a retracement move and is awaiting a rebound from the 100-day EMA mark. The trend is neutral, and the SOL crypto price may sparkle gains above the $150 mark ahead.
Technical Levels
Support Levels: $130 and $120
Resistance Levels: $145 and $155
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
