While cryptocurrencies such as XRP and Cardano are demonstrating high gains in recent days, Solana (SOL) seems to be facing a bad time. For several days, the price of Solana has been moving here and there between the high and low figures.
Simply put, Solana’s price seems to have become a sandwich between the price ranges of moving averages. Both the bulls and the bears have formed a loop and the price of Solana seems to be moving within that loop.
Neither side, at the moment, is willing to give up nor are they demonstrating huge support for their sentiments.
Solana is sandwiched between $88 and $93
A closer look at the trend for Solana shows that the bulls have been trying really hard to push its price to a higher mark. They keep buying Solana in order to push its price all the way up to the $93 per SOL figure. At present, the $93 per SOL figure is the 50-day SMA for Solana.
However, whenever the bulls manage to push the price of Solana up to the 50-day SMA, the bears counter with a strong selling spree. This results in pulling the price of Solana below the $90 per SOL mark.
The graph shows that the bears sell every rally and bring their price down to the $88 per SOL mark. The $88 per SOL mark is the 20-day EMA for Solana.
Surprisingly, this is not a one-time or two-time occurrence for Solana, as the trend is recurring. The bulls and the bears seem to be in high competition with each other and they are trying their best to overpower the other side.
Bulls May Rally Solana to $122
In case the bulls are able to push the price of Solana over the 50-day SMA, they may gain the ability to hit a higher mark. The next mark the bulls may try and hit with their strong buying power would be $100.
At the $100 mark, the bears may counter with an even stronger selling spree. If the bulls are able to sustain the pressure from the bears, then they may succeed in pushing Solana over the $110 per SOL mark.
The bears may try and exert a lot of pressure at the $112 per SOL mark, to try and steer SOL to the negative side. If the bears are not able to do it, then the bulls may continue sailing higher, and succeed in pushing the price of Solana up to $122.
On the contrary, if the bears manage to pull the price of Solana below the 20-day EMA, they may continue pressing harder. This would result in pulling the price of Solana below the $85 per SOL mark.
The next low mark the bears may try to hit with their strong selling spree would be $81. If the bears are able to challenge the buying power of the bulls at $81, they may succeed in pushing SOL to another low price ($77).