by - Solana has its price squeezed further downward as highs lower.
- SOL contemplates further downside, registering new monthly lows, as upside encounters a massive rejection around a pivotal zone.
- Escalated conflict in Ukraine leads to another refugee crisis as the global economy deteriorates amid stiff sanctions.
Solana (SOL) price struggles with lows as upside potential remain capped as global markets suffer from the Ukraine war and additional inflation shock amid sanctions imposed against Russia. The global markets witness multiple red alerts, suggesting stagflation – the worst atmosphere for crypto assets. Expect Sol to remain with limited upward potential amid downward pressure. That way, Solana’s price might plummet to $61.44.
Downtrends Dictate Solana Price Action
SOL price met a stiff upward denial at $90.23. This level served as a pivot level in 2021 August. Meanwhile, the rejection had the cross-border transaction token printing new weekly lows. Solana seems primed for further downswings, exploring February lows of $75.34. As this level coincides with monthly S1, bulls can emerge here. However, the massive downside pressure suggests a continued downswing, SOL heading to $61.44, forming another medium-term low.
With that, Solana’s price actions might witness the RSI hitting the oversold level and potentially rebounding a bit. Meanwhile, the 55-day Simple Moving Average in death cross with 200-day Simple Moving Average and short squeeze highlighted by lower lows and low highs might cancel that argument.
Expect the Relative Strength Index to trade somehow fair within the oversold region before witnessing some depressurizing with SOL price action providing a leeway to climb to the $90 area once again.
Meanwhile, cryptos remain the only tradeable over the weekend. Expect lucrative price increments with positive developments pointing to possible talks and project a peaceful result in the short term. Such actions would see the altcoin climbing to levels beyond $90.23 before eyeing the $100 mark in the process. That way, developments from the Ukraine-Russia conflict remain critical in the token’s upcoming price actions.
Final Thought
Solana price analysis highlights bearish strength with little-to-no room for bullish actions. Bulls should amplify their efforts to control the market. They might even engulf the entire marketplace. However, developing headlines remain crucial for the alt’s price actions.
