Solana Price Prediction: The Charts Tell Us to Remain Short

Solana is considered one of the fastest blockchain ecosystems for cryptos, gaming, DeFi, NFTs, Web3.0, and more. However, with a bear market in cryptocurrencies, not even Sol has been able to withstand the bearish pressure.

As of today, the market dominance of SOL was 2.18%., and the token was ranked the 6th most valuable by coinmarketcap, defeating ADA in the run in terms of the total market cap. 

SOLANA price prediction:

SOLUSDT is in a bearish trend after forming an all-time high at $259.84 on Nov 7th.

The price recently broke a support zone at around $139.13. The price is today retesting the broken zone. On the RSI we can see the price line making lower highs and lows and finally breaking the lower RSI band(oversold zone). This here means the market might move in the same direction.

The trend will remain downwards as long as the price trades below the major high at $154.02 and is therefore at risk of trading lower. The next support level and likely target of bearish traders is the $123.17 level. However, if traders manage to lift the price above the $154.02 level, $154.02, $178.75, and $204.72, will come into play.

SOLDUSDT Four-hour chart