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

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest resistance is present at $116.
  • Solana trading price is $91.7 as of writing time.

The Solana price analysis shows stabilizing signs as the market shows positive potential. The bulls have not been sitting idly by, they have made plans for Solana, which have been carried out elegantly by them, and SOL now experiences a new bullish period for the next few days. However, the bears have not given up and appear to hinder the progress of bulls.

The market shows the price of Solana spike today to the $94 mark but declined soon after to $31.7. Solana continues a slight negative movement. SOL currently trades at $91.7; SOL has been down 3.61% in the last 24 hours with a trading volume of $2,915,056,975 and a live market cap of $29,391,645,754. SOL currently ranks at #8 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Recent developments

The Solana price analysis has led us to believe that the present condition of the market appears to have shown bearish potential as the price moves downwards. Moreover, the market has significantly maintained a bullish trend, tiring out the bulls in the past few hours. As a result, the upper limit of the Bollinger’s band rests at $96.1, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $80.2, serving as a support point for SOL.

The SOL/USD price travels over the Moving Average curve, indicating the market following a bullish movement. So, we can see the market has started opening its volatility today. As a result, the Solana price has more room to move towards positivity. In addition, the SOL/USD price seems to move towards the Moving Average curve, signifying a possible reversal movement, which could give bears the opportunity that they desperately need.

Solana price analysis: SOL/USD shows stable dynamics at $91.7 1SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 55 making the cryptocurrency stable, falling in the upper neutral region. Furthermore, the RSI score moves slightly downwards, indicating the selling activity exceeding the buying activity while moving towards stable dynamics.

Solana price analysis for 24-hours: SOL market closes

The Solana price analysis had maintained a bearish movement in the last few days. However, with the volatility decreasing, the bulls have seized the opportunity and taken over the market. Moreover, as the volatility closes, it makes the value of the cryptocurrency less volatile to change. As a result, the upper limit of the Bollinger’s band rests at $116.1, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $77, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the price can be traced upward, indicating massive bullish activity.

Solana price analysis: SOL/USD shows stable dynamics at $91.7 2

SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 43, showing the cryptocurrency’s stability. It falls in the lower-neutral region. However, the RSI score follows a linear path marking its entrance into stability. The constant RSI score indicates selling activity equaling the buying activity.

Solana Price Analysis Conclusion

The Solana price analysis enters the bullish zone, showing massive potential for further bullish activity. However, as the volatility decreases, the bulls gain a significant chance to conserve their trend.

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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