- Solana price analysis is bearish today.
- SOL/USD is currently trading at $91.
- Solana found support at $88.
The Solana price analysis is bearish today, as we note indications of a significant bullish movement in the market. Bulls are putting forth great effort to regain bearish control on the market, and as they gain momentum, the bears find themselves in a bind. At the same time, while they continue to weaken, the bears become weary. This situation favors the bulls even more.
Solana price analysis for 24-hours: SOL gains value
When a market begins to drop, the seller’s activity changes along with it. When a market falls, buyer activity rises while seller activity decreases. This difference will lessen over time as the marketplace continues to decline, but selling pressure will also fall off. If the market rebounds, on the other hand, this ratio will grow as sellers become less inclined to sell and buyers remain motivated.
This pattern can be depicted as an ascending channel, which will continue to grow narrower as the market approaches its apex- this is where price breaks out and enters a new trading range. In most cases, this movement triggers significant changes in directional momentum and volume on the RSI.
SOL/USD 1-day price chart source: TradingView
The Relative Strength Index (RSI) has reached levels between 40-60, indicating that the bulls are now in control. The bears will have no choice but to step aside for a while.
The MACD is close to reaching oversold territory, which probably won’t happen today since the price has yet to rebound. That being said, it would be difficult for the bears to defend prices at $92 and above, and the bears will probably try their best to push prices lower.
It is difficult to determine if the market has reached its bottom. While we expect it to do so, many traders believe that a bottom is not reached until it surpasses all-time lows.
At the moment, SOL/USD is valued at $91. If the bulls continue to climb higher, they should be able to test $92 which will probably act as strong resistance.
SOL/USD 4-hour price analysis: Recent developments
SOL/USD has tested support at $91. To do this, the bulls had to endure testing by the bears who continued to weaken, but they did not buckle under pressure. This behavior is rare in markets like these.
From current levels, we anticipate buyers to enter the market again and begin another round of buying that could push SOL/USD values toward $93. If these values are breached, $95 could become a possibility.
Support at $91 is the most significant level in the next few hours. A rebound from this price will signal that bears have once again taken over and a drop to lower levels is imminent.
On the other hand, if SOL/USD fails to rebound from current levels, this would mean that buyers are losing momentum. Prices will probably continue to fall until support at $88 is broken, at which point a drop towards $84 could become imminent.
The Ichimoku Cloud on the daily chart shows 40% of cloud cover, indicating that bears are in control of the market at present. The strength of these bears becomes apparent as the market reaches support at $88, which is a strong level where there are multiple sell orders.
Solana Price Analysis: Conclusion
The Solana price analysis trading volume is currently at $3.1 million and has been oscillating within the last seven days. The key for this market will be to see if it can maintain its current uptrend or not.
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