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Solana Price Analysis: SOL/USD bearish for the next 24 hours

Binance Coin Price Analysis

TL;DR Breakdown

  • The Solana price analysis is bearish.
  • SOL/USD is currently trading at $94.69.
  • Support for SOL/USD is present at $79.2.

Solana price analysis is bearish, with the price having dropped further today. The value of SOL has been falling for the last week, but yesterday bulls attempted to recover their losses, only to be thwarted by the day’s bears, who took control once more and re-established the downtrend. In open hours, it is expected that the price will fall further, and we shall explore this in this SOL/USD analysis.

Since the 50/100 EMA cross two days ago, bears have completely dominated Solana’s market sentiment. To give further insight into this, observe that the MACD for SOL/USD is making lower highs and has reached the highly bearish territory. This means that few bulls are left to try and defend the downtrend line, as was evident yesterday.

Sellers have momentum on their side and are looking to push prices lower. The last few candles do show bears weakening slightly and could mean that bulls will fight to defend the support at $79.2 and bring us back upwards when tested again.

SOL/USD 1-day price chart: Bears successfuly takes the lead back

Throughout yesterday, the price of Solana was recovering from a week-long decline. Our last analysis stated that the coin had reached $101 and was then at $110 within 24 hours. This indicates bulls having reasserted themselves in defending the downtrend line.

However, once more, bears re-entered and took control of SOL and, by the end of trading yesterday, we saw a new low in the price. At the time of writing this article, SOL lies at $91.3, according to the tradingview 1-day chart.

Solana Price Analysis: SOL/USD bearish for the next 24 hours 1
SOL/USD 1-day price chart. Source: TradingView

The resistance and support levels that we shall use in the Solana price analysis today will be those on CoinMarketCap, as Livecoinwatch’s interface does not clearly show this aspect of the graph.  As such, do take note of these different prices as you read this report.

The resistance level is at $88.7; this is where bulls will attempt their recovery from yesterday’s losses and begin an uptrend that could last for several days. On the other hand, the support level is at $84.2; this is the level at which bears will attempt to halt their losses and begin a downturn.

We maintain our stance of a bearish market for Solana, with prices expected to drop further within the next 24 hours. The support level of $79.2 is likely to be breached first if bears remain in control of price levels, leading to a further drop in the value of Solana.

SOL/USD 4-hour chart: SOL Recent price developments

The 4-hours Solana price analysis indicates little to change from yesterday’s report. The candlestick pattern looks bearish, but there are signs that it could be about to change soon. In this graph, we can see several bullish patterns emerging at lower timeframes; these include hammer and inverted hammer formations, which provide indications that bulls may try to defend the support level at $79.2.

Furthermore, we can also see an emerging inverse head and shoulders formation on the 4-hour chart. This indicator is very sensitive and often presents itself several times before price levels breakthrough resistance or support. This means that we could see the neckline broken many times within the next few hours/days without prices ever making any gains.

Solana Price Analysis: SOL/USD bearish for the next 24 hours 2
SOL/USD 4-hours price chart. Source: TradingView

The RSI indicator for Solana shows that bearish momentum is still in effect, and we expect price levels to drop over the next few days. On the other hand, the Stochastic RSI shows that bulls are beginning to gain ground on this parameter.

The 4-hours Solana price analysis shows that sellers are still in control of price levels while buyers struggle to try and defend this downtrend line. The MACD continues its negative trend, while the RSI indicator also indicates that bears are still holding onto their strength but that there could be a sharp rise in buying pressure if the support level is breached again soon enough.

Solana Price Analysis: Conclusion

The bulls are attempting to take back the reigns of the market sentiment. Yet it may be too late for them to do so as bears seem to have regained composure and are making an attempt at pushing prices further down.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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