Solana price analysis: We expect SOL/USD to break below $200

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The resistance is present at $219.6.
  • Strong support is found at $209.

The Solana price is once again on the downside today, following another drop. The crypto pair’s performance last two days was incredible, but the bears have reclaimed their position this morning.

The price found strong resistance at the $219.6 mark, albeit it tested that level once or twice before. Then a second attempt failed to beat this one too, and the bears took over again after that second try. The interim support is considered at $209, while a stronger one can be found at $200.

SOL/USD 1-day price chart: SOL depreciates by two percent

The 1-day Solana price analysis reveals that the currency has declined in value today, moving within a tight range. The SOL/USD pair fluctuated between $219 and $211 during the trading session. At the time of writing, the SOL is valued at $211.94, with a loss in value of approximately two percent during the previous 24 hours and a stunning upset of 10.20 percent over the past week. The trading volume has also decreased by more than 36%. Despite these declines, market capitalization has reduced by 1.99 percent.

The inertia is modest, as the Bollinger bands have gradually converged, and the upper band has settled at $262, while the lower band now sits at $201. The mean average of the indicator is sitting at $231, which serves as a barrier for SOL/USD.

After remaining stable yesterday, the RSI has started to descend again today. The RSI is at index 48, indicating a strong selling pressure in the market.

SOL/USD four-hour price analysis: Recent developments and further technical indications

The Solana price analysis for the day began with a downward breakaway and a drop to $211.66 at the opening hour. Bulls made some recovery after that, but the bears regained control and are defining the price movement as we speak.

Solana price analysis: We expect SOL/USD to break below $200 1
SOL/USD 4-hours price chart. Source: TradingView

The hourly chart shows that the SOL/USD is trading in a bearish zone, with high volatility and extends Bollinger bands covering more space than usual. The upper band is at $224, while the lower band is at $192, resulting in an average price of $208 serving as support for the SOL/USD. The moving average is $213, and the RSI has dropped into the neutral zone’s negative half.

The technical indicators for Solana are also leaning towards the bearish side, with nine indicators pointing to selling and eight to buying. This gives the bearish side one more vote as nine technical indicators remain undecided and do not provide a signal.

Solana price analysis: Conclusion

The Solana analysis indicates a bearish trend for today, and future decline is likely as the short-term technical indicators suggest that traders are selling. If the selling pressure persists, SOL bulls may seek refuge at a $208 support level.

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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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