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Solana price analysis: SOL price devaluates up to $89 mark after bearish slide

Solana price analysis SOL price devaluates up to mark after bearish slide

TL;DR Breakdown

  • The Solana price analysis is bearish.
  • Bears have taken the price levels down to $89.5.
  • Support for SOL/USD is present at $88.

The latest Solana price analysis shows a strong bearish trend as the sellers ruled the market during the day. The coin value has been reduced up to $89.5 six months low, but the support has appeared after the price swang low towards $85.7, and the price level has been recovered to an extent. Overall the selling momentum rapidly increased, and the price is trading on the negative side, which is a negative sign for cryptocurrency. If the selling trend resumes, chances of further drop are to be expected in the future.

SOL/USD 1-day price chart: SOL steps down to the $89 range

The daily Solana price analysis predicts a decreasing trend for the market today, as the bears have been at the leading position. The price took a downturn on 16th February, and currently, the circumstances are going in favor of the sellers. The coin value has receded down to $89.5 after the latest sell-off. A further degree of decline is to follow soon if more selling activity occurs. The moving average (MA) value for the one-day SOL/USD price chart is $95.2.

Solana price analysis: SOL price devaluates up to $89 mark after bearish slide 1
SOL/USD 4-hours price chart. Source: TradingView

The volatility is slowly increasing, which indicates that the price fluctuations may increase in the future, and the circumstances may turn in favor of buyers. The upper limit of the Bollinger bands is touching the $121.4 edge, whereas the lower band is at $84.6 low, representing the strongest resistance and support for the cryptocurrency price function. The Relative Strength Index (RSI) is hovering around index 37 due to the downward tendency shown by the price.

Solana price analysis: Recent developments and further technical indications

The four-hour Solana price analysis shows an increasing trend for the cryptocurrency price, as the bulls managed to make a comeback in the past four hours. The bulls and the bears have constantly been interchanging the leading position earlier, but now the bulls seem to be on the upper hand after a severe loss since the start of the trading session. The cryptocurrency value is now $89.4, and buying momentum is expected to get stronger.

Solana price analysis: SOL price devaluates up to $89 mark after bearish slide 2
SOL/USD 4-hour price chart. Source: TradingView

The price is still standing at a lower height than its moving average value, which is trading at the $90 level. The volatility is relatively high, which means that the future price movement might be bullish. The Bollinger bands’ upper limit is resting at $99.5, while its lower band is present at $85.6. The Bollinger bands average has lowered to $92.5, whereas the RSI score has climbed up to index 40.

The selling trend has been occupying the market for the past few days, as evident from the technical indicators for SOL/USD. There are 15 indicators giving the selling signals, eight are neutral, and only three indicators are giving the buying signals.

Solana price analysis conclusion

The daily Solana price analysis gives predictions in favor of the bears. The price covered a downward movement in the past 24-hours, and the coin value dropped down to $89.5. However, the four-hour price analysis shows that the bulls have taken control of the market. A green signal is being given by the four-hour price chart, which means that the price went higher in the past few hours.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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