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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 bearish today.
  • SOL/USD is currently trading at $91.
  • Solana found support at $88.

Today’s Solana price analysis is bearish, as we observe signs of a substantial market advance. The bulls are putting forth tremendous effort to regain bearish dominance in the market, and as they pick up speed, the bears find themselves in a bind. At the same time, while they continue on their path to decline, the bears grow weary.

Solana price analysis for 24-hours: SOL gains value

A market’s drop is usually a signal that the seller is getting active. When a market falls, buyer activity increases while seller activity drops. This difference will lessen over time as the marketplace continues to deteriorate, but selling pressure will also decrease. If the market improves, on the other hand, this proportion will rise as sellers are less inclined to sell.

The pattern may be visualized as a growing channel that narrows as the market approaches its apex, at which point it will break out and enter a new trading range. In most situations, this shift causes substantial RSI momentum and volume changes.

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

The Relative Strength Index (RSI) rose to levels of 40-60, indicating that the bulls were in control. The bears will have to take a seat for a while.

The MACD is close to hitting oversold conditions, which isn’t likely to occur today because the price has yet to recover. That being said, it will be tough for the bears to defend prices at $92 and above, and they will certainly try their best to drive prices lower.

It’s tough to tell when the market has hit its bottom. While we anticipate it will, many investors feel that a bottom is not recognized until the price surpasses all-time lows.

At the moment, SOL/USD is worth $91. If the bulls can continue to rise, they may reach $92, which will be significant resistance.

SOL/USD 4-hour price analysis: Recent developments

The bulls survived test after test by the bears as they continued to weaken, yet they did not buckle under pressure. This is an uncommon occurrence in industries like these.

We expect buyers to re-enter the market and start another round of buying, which might cause SOL/USD rates to rise toward $93. If these levels are surpassed, $95 could become a possibility.

The support at $91 is the most significant level in the following few hours. A resurgence from this price would suggest that bears have taken control once again, and a decline to lower levels may be expected.

If the price of SOL/USD fails to recover from current levels, it will indicate that traders are running out of steam. Prices will most likely fall further until support at $88 is broken, after which a decline to $84 may be expected.

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

The Ichimoku Cloud on the daily chart has a cloud cover of 40% and implies that the market is bear-dominated right now. As the market approaches support at $88, which is a significant level with many sell orders, these bears become more apparent.

Solana Price Analysis: Conclusion

Analysts believe that the Solana price analysis trading volume has been around $3.1 million for most of the past week, which is a very small percentage of all trading volumes in this space. The key will be to determine whether or not this market can continue its current uptrend.

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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