Solana price analysis for February 20, 2023, reveals the market following a complete bullish movement; moreover, Solana has obtained massive positive momentum, signifying a decline for the SOL market. The price of Solana has remained positive over the past few hours. Today, the price rose and went from $23.69 to $26.97. However, the market started to decrease further in value soon after, as the cryptocurrency had already gained some of its value. Moreover, Solana has decreased and reached $26.48, just shying away from the $30 mark.
Solana price today is $26.81, with a 24-hour trading volume of $5.09B, a market cap of $9.73B, and a market dominance of 0.85%. The SOL price increased by 9.76% in the last 24 hours.
Solana reached its highest price on Nov 6, 2021, when it was trading at its all-time high of $259.52, while Solana’s lowest price was recorded on May 11, 2020, when it was trading at its all-time low of $0.503701. The lowest price since its ATH was $8.12 (cycle low). The highest SOL price since the last cycle low was $259.52 (cycle high). The Solana price prediction sentiment is currently bullish, while the Fear & Greed Index is showing 58 (Greed).
Solana’s current circulating supply is 362.91M SOL out of the max supply of 533.68M SOL. The current yearly supply inflation rate is 13.53% meaning 43.25M SOL was created in the last year. In terms of market cap, Solana is currently ranked #4 in the Proof-of-Stake Coins sector, ranked #2 in the Solana Network sector, and ranked #7 in the Layer 1 sector.
SOL/USD 1-day price analysis: Latest developments
Solana price analysis reveals the market’s volatility following an increasing movement. This means that the price of Solana is becoming more prone to the movement towards either extreme, showing further increasing dynamics. Furthermore, the price seems to have broken past the resistance band, which will surely initiate a reversal movement soon. The high price of the SOL cryptocurrency is $26.85, with an open price of $26.64. Conversely, the low price of SOL is present at $26.56, with a change of 0.56% and a closing price of $26.79.
The SOL/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. The price seems to have broken past the moving average band, which makes a bulls dominant in the market. The SOL/USD price appears to be increasing, illustrating an increasing market. The market appears to break the resistance band, which might trigger a reversal movement; this might prove fatal for the bulls.
Solana price analysis reveals that the Relative Strength Index (RSI) is 63, showing an unstable cryptocurrency stock. This means that the SOL cryptocurrency falls in the inflation region. Furthermore, the RSI appears to move upward, indicating an overvalued market. The dominance of buying activities causes the RSI score to increase; however, the market is expected to initiate a downward movement soon.
Solana price analysis for 7-days
Solana price analysis reveals the market’s volatility following a decreasing movement, which means that the price of Solana is becoming less prone to experience variable change on either extreme. The high value is present at $26.85, with an open price of $26.70. Conversely, the low price is $26.28, with a change of 0.28% and a closing value of $26.77.
The SOL/USD price appears to be moving over the price of the Moving Average, signifying a bullish movement. However, the market’s trend seems to have shown further positive dynamics in the last few days. As a result, the market has decided on a positive approach.
Solana price analysis shows the Relative Strength Index (RSI) to be 48, signifying a stable cryptocurrency. This means that the cryptocurrency falls in the central-neutral region. Furthermore, the RSI path seems to have shifted to an upward movement. The increasing RSI score also means dominant buying activities.
Solana Price Analysis Conclusion
Solana price analysis reveals that the SOL cryptocurrency has an increasing trend with much room for further activity on the increasing extreme. Moreover, the market’s current condition appears to be following a positive approach. Therefore, we can assume that the bulls will move to maintain their control over the market.