- Solana price analysis is bearish for today, down by 1.56%.
- The nearest support is at $136.14, as seen in the 4-hour charts.
- The nearest resistance for the price action remains unbroken at $170.
The Solana price analysis is bearish for today as the coin was unable to maintain its position above the $170 resistance. The price action has breached the support at $165.2, and it seems that the bears are taking the price towards the nearest major support at $136.14.
As represented by CoinmarketCap data, the trading volume for SOL has dropped down by 2.06%. The volume stands at a value of 2.8 billion USD while the market cap has fallen by 9.01%. The market cap value stands at 77.6 million USD.
Bitcoin, on the other hand, was unable to break the resistance at $51.8K. This led to a further drop as BTC/USDT currently trades at $51.2K.
SOL Price movement in recent days
The price movement for the SOL/USDT trading pair has been extremely bullish in the month of August, and we saw the formation of a new all-time high. However, September has been rather bearish for all altcoins. The coin rose by 194.66% in the month of August alone, while a 30.57% increase was seen in the month of September.
Currently, the monthly candle for October is still bullish, up by more than 8%. On 22nd September, the price of SOL/USDT rose by 19.09%, while on September was ended with a 4.52% increase in price. But, on 1st October, a price surge of 14.28% was witnessed, and we can experience even higher prices in days to come.
Solana price analysis: Technical indicators are turning bearish
Looking at the 4-hour charts for SOL/USDT pair below, we can see that the price action has reached close to the 50-day Moving Average, trying to close a candle below it. The price action is still above the 100-day Moving Average.
On the other hand, the price action is now trying to break out from the lower end of the Bollinger Bands, which is a very bearish sign for the short term. The lowest price today was $150.10, while the highest being at $165.42.
The RSI indicator is moving towards 40-level in the 4-hour chart below. The gradient of the line is negative, which means that the selling pressure is more than the buying pressure. It is possible to see lower prices in the short term.
The MACD indicator recently witnessed a bearish crossover which drove the prices of SOL/USDT down. For now, the MACD line and the signal line are moving apart, which is a bearish sign. Overall, the MACD histogram is also bearish, filled with red bars.
Solana price analysis: Conclusion
There are as many as 400 projects currently being built on the Solana blockchain. It is one of the most talked-about Etheruem killers, along with Cardano. We have seen a lot of NFT sales on Solana, and recently, BoysNoize launched their own Metaplex auction.
Solana is definitely a worthy investment for the long term, but the short-term Solana price analysis is bearish. Although, you should definitely have a look at the long-term price predictions for more details.