- Solana price analysis shows a bearish trend.
- Resistance is found at $136.
- Strong support is found at $123.
The Solana price analysis reveals bears are in the lead for SOL/USD market. A decline in price has been observed today again, as the bearish trend has been persistent for the last few days, continuously dominating the price function.
The SOL/USD has been on the downslope since 9th September as bears are maintaining their lead since then except a very few days when considerable spikes in price have been noted as well, which helped keep the price afloat above $123 level.
SOL/USD 1-day price chart: Price suffers as bears strike back
The 1-day Solana price analysis chart shows bears have again overtaken the price function today after yesterday’s mild bullish activity. The SOL/USD pair is trading in the range of $133 to $138, as the SOL/USD is trading hands at $134 at the time of writing.
The volatility is mild for the cryptocurrency, with the upper Bollinger band at $188 and the lower band at the $117 mark; the average of the Bollinger bands is forming at the $153 mark, above the price level as the price is more near, the lower band showing a bearish dominance.
The relative strength index (RSI) is hovering at the center of the neutral zone at 48 index, the indicator remains neutral due to limited buying selling activity, but the mid-range of indicator leaves quite much space for both sides of the market, especially the bearish side for intense selling activity which may cause a further drop in the price.
The MACD oscillator indicator is bearish as the histogram shows the light red color and tall bars. The indicator shows a continuous bearish momentum since 14th September but now seems stagnated as not much difference in price has been observed during the last days.
Solana price analysis: 4-hour charts and the recent developments
The 4-hour price chart for Solana price analysis further confirms the bearish tide. Despite the price breaking upwards at the start of today’s session, bears successfully diverted the price function, and the price started dropping again and went as low as $133, but during the recent hours, bulls are trying to stop the further slippage and are providing support and have raised the price to $134.
In the 4-hour chart, the volatility has slightly increased, but the relative strength index (RSI) has dropped into the lower half of the neutral zone, present at 44 index. RSI indication is of keen importance at this time as the price will rise or fall with the movement of the indicator, just something to be kept in observance, especially for intraday trading.
The moving average is above the price level in the 4-hour chart but has come down near to the price level on the 24-hour chart; if MA passes down through the price level, then it will be a bullish crossover, but for this to happen, the SOL must maintain the $134 level.
Solana price analysis: Conclusion
The Solana price analysis suggests the price of the SOL/USD pair may depreciate further as the market sentiment indicates, but the technical indications, especially of the moving average, show some good prospects for Solana as well. But to gain an advantage of it, the SOL has to get enough consolidation from the bullish side.
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