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Solana, MANA, TRON Price Analysis: 23 February

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Source: Pixabay


Amidst uncertain times, the wider crypto market projected strained patterns of development. The likes of Solana, MANA and TRON were observed to follow similar patterns of growth over the past week.

Solana (SOL)

Solana (SOL)/USD Source: TradingView

Solana (SOL) took a major hit during the market collapse in December, when the price plummeted from $178 to $85. Following the decline, SOL started consolidating the price and by the end of the first week of February, it traded in an ascending channel, reaching resistance at $121.36 on 7 February.

Since then, the altcoin followed a downtrend. The market gained support at $81.84 level yesterday, following which buyers had kicked in and moved up the price over the past few hours. During press time, SOL traded at $89.97, gaining 3.34% over yesterday. At the time of writing, the RSI projected a bullish momentum at 62.21 while the AO resurfaced above the zero line and was headed for a recovery. 

Decetraland (MANA)

Decentraland (MANA)/USD TradingView

Even though the December market collapse managed to bring down the price from $5 in November to mere $1.85 on January 22, Decentraland (MANA) was still one of the largest and most popular Metaverse tokens in the market. MANA remained mostly unaffected when the market started collapsing in December, but eventually the bears took over control in January.

The price moved up following an ascending channel, hitting resistance at $3.32 level on 9 February. Over the last week, a downtrend was observed. The altcoin managed to retest the support level at $2.47 the previous day. During press time, MANA traded at $2.6298. Buying strength kicked in over a few hours since yesterday pushing the RSI to 55.36 from an oversold territory. Even the MACD confirmed it as it projected a positive growth momentum above the zero line. A break of the trendline resistance (yellow) could lead to higher gains for MANA.

TRON (TRX)

Tron (TRX)/USD TradingView

From $0.1279 in November to 0.0514 in January, Tron (TRX) suffered a major blow in the December market crash. However, the price action stabilized a bit since 22 January and the altcoin even reached as high as $0.0712 before bears pushed it downwards again. However, TRX has been following a downtrend since then, marking consecutive lower highs. Tron retested support yesterday at $0.0597 before moving up to $0.0624 again.

During press time, TRX traded at $0.06247, dropping 0.5% over yesterday. The RSI at 52.83 recovered over the past few hours from being oversold yesterday. The AO hovered above the zero line owing to yesterday’s buying strength. The price could move up further, if the buying support continued. 

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With a background in Political Sciences, Avinandan is deeply interested in Blockchain and how it can transform the society as we know it. He takes a special interest in cryptocurrencies and technical analysis of their price actions.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.