Crypto Analyzer

Solana (SOL) Analysis and Price Prediction for March 12

Solana (SOL) is one of the cryptocurrencies that has shown some interesting price movements recently. According to CoinMarketCap, while some coins are experiencing a surge in prices, others like SOL have entered a correction phase.

The price of SOL currently stands at $149, with a slight increase of 0.45% over the last 24 hours. However, despite this modest uptick, the short-term outlook for SOL appears bearish based on the hourly chart analysis.

The current price action indicates that SOL is approaching a local support level of $147.9. If the daily closing price remains near this level, there is a possibility of a breakout, potentially targeting the $145 zone. On the larger time frame, SOL has recently experienced a false breakout above the $152.64 mark, suggesting a potential return to lower levels if the daily closing price fails to sustain above this level.

Looking ahead, the analysis indicates that if the daily closing price remains below yesterday’s peak, bears could take control in the short term, leading to a correction in SOL’s price. However, on a midterm perspective, it is still premature to make long-term predictions as the weekly closing bar is yet to be finalized. If SOL manages to close above $153, it could pave the way for further upward movement towards the $160 zone.

Traders and investors should closely monitor the price movements and key support/resistance levels to assess the potential direction of SOL in the coming days. While the short-term outlook may seem bearish, a sustained move above key resistance levels could signal a resumption of the upward trend for SOL.

Disclaimer: The information provided is for educational purposes and should not be considered financial advice. Cryptocurrency prices are highly volatile and subject to market risks. Always conduct your research and consult with a financial advisor before making investment decisions.