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Solana price analysis: Solana price hints at going past $41 despite bearish pressure

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TL;DR Breakdown

  • Solana price is expected to decrease to $40
  • The closest support level is at $40
  • Solana price is facing resistance at the $41.50

After finally climbing past the $44 mark, Solana price failed to continue its bullish rally and the price has dropped to just below $41.While the price at press time holds just below $41, the bearish pressure is increasing and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Cardano, and BNB that record a 2.21 and a 1.15 percent decrease respectively. Meanwhile, Bitcoin and Ethereum record a 1.84 and a 3.28 percent decrease respectively

Technical indicators for SOL/USDT

Solana price analysis: Solana price hints at going past $41 despite bearish pressure 1
Technical indicators for SOL/USDT by Trading view

Across the technical indicators, the MACD shows strong bullish momentum as observed in the increasing size of the dark green histogram. The indicator did briefly dip into the bearish region on June 16th, but has grown bullish again and oscillates around the 0.500 mark. Across the EMAs, 12-EMAis trading above the 26-EMA with a high slope and continues diverging while both EMAs rise.

The RSI is currently trading in the neutral zone a little below the 60.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 13 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

The Bollinger bands are currently narrow and will converge rapidly in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Solana price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only three indicators issue sell signals suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 16 of the 26 indicators suggesting a bullish movement against zero indicators suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Solana price?

Solana price analysis: Solana price hints at going past $41 despite bearish pressure 2
4 hour price chart by Trading view

Traders can expect Solana price to continue to fall to $40 or further below considering the bearish sentiment of today’s market and the low price volatility of Solana price.However after it reaches that level it will see a bullish rally that will take it to challenge the $44 again as the short term and midterm indicators are giving a heavy bullish trend.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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