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The Solana price is currently trading at around $4.50, which is a slight increase from its previous all-time low of $3.60 set in early September 2020. However, the digital asset has lost nearly 60% of its value since hitting an all-time high of $11.20 in mid-August 2020. So, is now a good time to buy Solana or is the digital asset due for further downside?
Solana Price Analysis
Since our last Solana price analysis, the digital asset has been on a roller coaster ride as it first tumbled to a new all-time low before bouncing back and consolidating around the $4.50 level. The digital asset had been on a strong uptrend in the months of June and July as it surged from around $2 to an all-time high of $11.20 in mid-August.
However, the digital asset has been on a downtrend ever since as it lost nearly 60% of its value in just over a month. The Solana price is currently trading at around $4.50 and is down nearly 60% from its all-time high.
On the 4-hour Solana chart, we can see that the digital asset has formed a descending triangle pattern, which is typically seen as a bearish indicator. The digital asset is currently trading right at the key support level of $3.60, which is also the all-time low set in early September 2020.
The 50-day moving average is currently sloping downwards, which is another bearish sign. However, the MACD indicator is currently in bullish territory and is signaling a possible rebound in the Solana price.
Overall, the technical indicators are currently mixed and it is difficult to predict which direction the Solana price will move in the short-term.
What factors influence its price movements?
The Solana Foundation recently announced that it has partnered with Chainlink to provide data for its smart contracts. The partnership will allow Solana to tap into Chainlink’s network of decentralized oracles, which will provide data from off-chain sources such as financial markets, weather data, and more.
The news of the partnership sent the Solana price soaring as the digital asset jumped nearly 20% in a 24-hour period. This just goes to show how much of an impact news and partnerships can have on the Solana price.
Solana crypto price prediction
The Solana price is currently trading at around $4.50 and is down nearly 60% from its all-time high. The digital asset has been on a downtrend since mid-August 2020 and is currently trading at a key support level of $3.60.
The technical indicators are currently mixed and it is difficult to predict which direction the Solana price will move in the short-term. However, the news of the partnership with Chainlink is a positive development that could lead to further upside in the future.
How can investors best capitalize on the growth potential of Solana
Investors looking to capitalize on the growth potential of Solana can do so by buying SOL tokens on a cryptocurrency exchange. Once purchased, SOL tokens can be stored in a secure wallet such as Ledger Nano S or Trezor.
What is the future of Solana?
The future of Solana looks bright as the digital asset continues to gain mainstream adoption and partnerships. The news of the partnership with Chainlink is a positive development that could lead to further upside in the future.
Investors looking to capitalize on the growth potential of Solana can do so by buying SOL tokens on a cryptocurrency exchange. Once purchased, SOL tokens can be stored in a secure wallet such as Ledger Nano S or Trezor.
The technical indicators are currently mixed and it is difficult to predict which direction the Solana price will move in the short-term. However, the news of the partnership with Chainlink is a positive development that could lead to further upside in the future.
