Solana price analysis: SOL declines to $193 as bears exert control

Solana price analysis SOL declines to as bears exert control

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The resistance is present at $200.
  • Support for SOL/USD is found at $193.

The Solana price analysis is on the bearish side again as the price has further decreased and is now touching the $193 level. SOL hasn’t been able to find support after it started to decline on 3rd December. All the upwards movements of SOL were limited to an hourly basis only and could not help the bulls to close a daily green candle. The current downswing has cost SOL $41 in price value to lose over in four days since it last peaked at $233.9 on 2nd December.

SOL/USD 1-day price chart: Bearish swing continues down to $193

The 1-day price chart for Solana price analysis shows the price decline continues as bears continue to rule the charts. The SOL/USD price has decreased to $193.01 at the time of writing, as today again, the price breakout is downwards, marking another red candlestick on the charts. SOL has lost 0.59 percent more over the last 24 hours and reports a loss of more than four percent over the past week. The trading volume has decreased by 40.84 percent, and the market cap has decreased by 1.34 percent, resulting in market dominance of 2.61 percent.

Solana price analysis: SOL declines to $193 as bears exert control 1
SOL/USD 1-day price chart. Source: TradingView

The volatility is increasing again, which means that the downswing might last for the coming days as well as the Bollinger bands Indicator shows signs of expansion again, the upper limit is at $235, and the lower limit is at $184, representing support for SOL. The Relative Strength Index (RSI) score has been lowered down to index 42, hinting at the selling pressure, but now the slope is not very steep.

Solana price analysis: Recent developments and further technical indications

The 4-hour price cart for Solana price analysis shows bulls elevated the price during the last eight hours of the last trading session, but still, the price closed in red for the day. And today, again, bears are leading the price function as it has stepped down to $193.

Solana price analysis: SOL declines to $193 as bears exert control 2
SOL/USD 4-hours price chart. Source: TradingView

The volatility has increased because of the bearish trend on the 4-hour chart, and the Bollinger bands are covering more area. The upper Bollinger band is present at $238, the lower Bollinger band is at $174, representing support, while the overall average is being marked at $206, representing resistance for SOL. The RSI score has again dropped after climbing previously to index 41 due to the selling activity at the start of today’s session.

The technical indicators chart confirms the bearish lead as well, as there are 11 indicators on the selling spot, with 10 indicators on the neutral spot and only five indicators on the buying spot out of a total of 26 technical indicators available for analysis.

Solana price analysis: Conclusion

The Solana price analysis is predicting that a downtrend has been following since 3rd December. The price has been decreased down to $193 at the moment due to continuous selling pressure. A further downfall can be expected as the bears have been dominating for the last four hours as well. The price has been persistently moving down, which means that chances of improvement for the SOL are still limited.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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