Solana price analysis: SOL fall to $165 as selling continues

Solana price analysis

TL;DR Breakdown

  • Solana price analysis suggests upwards movement to $180
  • The closest support level lies at $165
  • SOL faces resistance at the $170 mark

The Solana price analysis shows that after dropping to the $180 mark, the price action was unable to recover completely and the price still trades below the $200 mark. Today SOL fell to the $165.00 mark and while the price has recovered since then, the bearish pressure still weighs on the price action. 

The broader cryptocurrency market has observed a mixed market sentiment over the last 24-hours as most major cryptocurrencies are split between positive and negative movements. Major players include EOS that records an 6.02 percent incline and WAVES that records an 7.83 percent decline.

Solana price analysis: SOL falls to $165 as selling continues

Solana price analysis: SOL fall to $165 as selling continues 1
Technical indicators for SOL/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator’s light color showed a declining bearish momentum as the buyers fight back to defend the $160.00 support level. As the price recovers to the $170.00 mark, the MACD follows showing a declining bearish momentum.

The EMAs are currently trading low as the Solana price has observed strong bearish activity over the last few days. With SOL’s crash from the $240.00 mark to the current $160.00 mark, it is unsurprising to see strong bearish pressure weighing on the EMAs. At press time, the 26-EMA is still moving downwards while the 12-EMA reacts to the recent and shows slight recovery. 

The RSI is currently neutral but trades close to the edge of the oversold region at 33.57 index units. The indicator was moving downwards towards the oversold zone as the price fell to $160. However, as the price action showed recovery the RSI reacted and moved upwards. Regardless, the indicator shows bearish resistance at $170 but also shows that there is little room for further downwards movement across the short-term charts. 

The Bollinger Bands were narrow until yesterday but as the bears pushed the price below $180, the indicator’s bottom line, the bands started to diverge. As SOL continued moving downwards, the indicator continued diverging suggesting a further increase to short-term volatility or the asset’s price action. Currently, the bands’ bottom line at $165.93 provides a support level to the buyers while the mean line presents a resistance level at the $182.35 mark.

Technical analysis for SOL/USDT

Overall, the 4-hour Solana price analysis issues a strong sell signal with 14 of the 26 major technical indicators showing support to the bears. On the other hand, only five of the indicators support the bulls suggesting that there is no significant buying activity occurring in the markets. Meanwhile, the remaining seven indicators sit on the fence and issue no signals at the time of writing.

The 24-hour Solana price analysis shares this sentiment and shows 13 indicators in favor of further downwards movement against five suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over SOL. At the same time, eight indicators do not support either side of the market. 

What to expect from the Solana price analysis?

Solana price analysis: SOL fall to $165 as selling continues 2
4-hour price chart by Tradingview

The Solana price analysis shows that the price action is currently in a downwards trend as the support at $185.00 crumbled under the increasing bearish pressure. The following decline resulted in a drop to the $160.00 mark. While the price has somewhat recovered since then, the price still faces resistance at the $170.00 mark. 

Currently, traders should expect the Solana price analysis to move upwards towards the $180.00 mark which presents a key resistance to the buyers at press time. However, the price action still faces strong bearish pressure at press time. The mid-term technicals are also bearish suggesting that rejection at $170 would mean a fall towards the $150.00 level.

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Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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