Is Solana (SOL) Heading the Right Direction Thursday?

Thursday, December 08, 2022 01:13 PM | InvestorsObserver Analysts

InvestorsObserver gives Solana a weak long-term technical score of 28 from its research. The proprietary scoring system take into account the historical trading patterns from recent months to a year of the coin's support and resistance levels, in addition to where it is relative to long-term averages. The analysis helps to determine whether it's a strong buy-and-hold investment opportunity currently for traders. SOL at this time has a superior long-term technical analysis score than 28% of crytpos in circulation. The Long-Term Rank will be most relevant to buy-and-hold type investors who are looking for strong steady growth when allocating their assets. Combining a high long and short-term technical score will also help portfolio managers discover coins that have bottomed out.

InvestorsObserver is giving Solana a 28 Long-Term Technical Rank. Find out what this means to you and get the rest of the rankings on Solana!

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Trading Analysis

SOL is currently -$13.1600000 (-49.24%) below its 100-day moving average price of $26.730000000 with its current price of $13.570000000. Meanwhile, Solana is $2.5600000 (23.32%) above its 52-week low price of $11.010000000 and -$191.01000000 (1.74%) below its 52-week high of $204.580000000. The current price relative to its moving average and 52-week high and low leads to an average long-term technical score of 28. Trends for the long-term trading history of Solana suggest that traders are currently bearish on the coin. Solana has a total market value of $4,965,192,170.65 with an high average daily volume of $1,771,979,091.73 worth of the currency exchanged over a typical 24 hour period. As of the past 24 hours, SOL's volume is below its average with $188,082,072.16 exchanged in total. This coin's subclass Distributed Software Platform: A platform is a decentralized infrastructure designed for a purpose. These can take the form of exchanges for the trading of cryptocurrencies, decentralized data storage, artificial intelligence, virtual or augmented reality, distributed computing and big data collection, among other things.

Summary

Trading patterns over the last year for Solana leads to the coin's a weak long-term technical score of 28 as its consistency, volatility, and relation to long-term averages has given investors reason to be bearish on the coin. Click Here to get the full Report on Solana (SOL).