Solana (SOL) reportedly observed the same trend as Terra (LUNA), because the bulls tried their best to keep it over the resistance line. According to stats, the resistance mark where the bulls challenged the bears was the boundary between the ascending and descending channel for Solana.
Until March 2, the bulls attempted to keep Solana close to the $103 per SOL mark, which is the 50-day SMA. Despite all the efforts, the bulls were not able to succeed and ended up losing to the bears. According to price analysis, the bears did not let the bulls take over and managed to pull the price of Solana to a lower level.
As a result, the bulls were unable to cross the $103 mark and the price of Solana ended up retrieving from that. This was a clear demonstration by the Solana bears that they had the situation under their control.
The bears have continued selling Solana whenever the bulls managed to form a rally. This has kept the price of Solana to a low figure and the situation may remain the same in the upcoming days.
Solana’s Upstream Movement to $122
The data surrounding Solana has predicted that the bulls may start fighting the bears with high accumulation power. This would result in increasing the value of Solana, and the first mark Solana may hit would be $95, which is the 20-day EMA for Solana.
From the particular mark, the investors may start adding more investments in order to push Solana to an even higher value. If the bulls succeed in pushing the RSI of Solana within the positive zone, then Solana may rise over $100 per SOL.
After the 20-day EMA has been hit for Solana and the bulls also hit and cross the $100 per SOL mark, they may go for another major push. This time, the push would be to push the value of Solana all the way up to $115 per SOL.
Surprisingly, the $115 per SOL figure won’t be the maximum value the bulls may attempt to achieve for SOL. Taking the current circumstances into consideration, the price of Solana may end up growing up to $122 per SOL.
Solana’s Downstream Movement to $66
Then come sellers with negative sentiments surrounding the price of Solana (SOL). Their main goal is to push Solana to lower figures by selling Solana on a large scale and creating a huge dip.
If the value of Solana goes below $81, then the bears may increase their selling power to hit lower price benchmarks for Solana. In this particular case, the unit price of Solana may plummet to $75 per SOL. If the bears still continue selling Solana, then SOL may dip to $66 per SOL.