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Solana price analysis: SOL/USD bearish for the next 24 hours

Solana price analysis

TL;DR Breakdown

  • The most recent Solana price analysis is bearish.
  • Bears have taken the price levels down to $85.8.
  • The support for SOL/USD is present at $84.

Bears have taken the price levels down to $85.8. The support for SOL/USD is present at $84. The Solana price is expected to go down for the next 24 hours.

The Solana price has been bearish for the past few days. The bears have taken the price levels down to $85.8. The support for SOL/USD is present at $84. The Solana price is expected to go down for the next 24 hours.

Solana is currently ranked as the 50th largest cryptocurrency by market cap. The total market capitalization of SOL is $89 million, with a daily trading volume of $1.8 million. The coin has been down by 3.3% in the past 24 hours.

SOL/USD 1-day price chart: Bearish momentum accelerates as the trading volume goes down

There are no signs of a reversal in Solana’s price in the short term. The price increased significantly after breaking through its previous low. SOL/USD is up 8.5 percent at $85.8 and down 5% over the past seven days owing to the last week’s bearish trend. Over the past 24 hours, trading volume has decreased by more than 50 percent.

The selling pressure increases as the volume decrease. Bears control the market and have taken the price levels down to $85.8. The support for SOL/USD is present at $84. The next significant resistance can be found at $91.1, while support is present at $84.

The Solana price increased yesterday as bulls managed to take control of the market. However, the increase was not sustainable, and the coin has incurred another loss today, with the price dropping to the current level of $85.8.

Solana is currently ranked as the 50th largest cryptocurrency by market cap. The total market capitalization of SOL is $89 million, with a daily trading volume of $1.8 million. The coin has been down by 3.3% in the past 24 hours.

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

The volatility of the coin can be seen from the 1-day chart. The price increased significantly after breaking through its previous low. SOL/USD is up 8.5 percent at $85.8 and down 5% over the past seven days owing to the last week’s bearish trend. Over the past 24 hours, trading volume has decreased by more than 50 percent.

The selling pressure increases as the volume decrease. Bears control the market and have taken the price levels down to $85.8. The support for SOL/USD is present at $84. The next significant resistance can be found at $91.1, while support is present at $84.

The RSI indicator is at 44, suggesting that the coin is neither overbought nor oversold. The MACD indicator shows that the Solana price is in a bearish trend.

Solana price analysis: Recent developments and further technical indications

The 4-hour chart of SOL/USD shows that the price is downtrend after it was rejected from further upside above $90.1. The coin has incurred another loss, and today, the price has tumbled lower.

The next significant resistance can be found at $91.1, while support is present at $84. The RSI indicator is at 44, suggesting that the coin is neither overbought nor oversold. The MACD indicator shows that the Solana price is in a bearish trend.

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

The MACD OL/USD is up 8.5 percent at $85.8 and down 5% over the past seven days owing to the last week’s bearish trend. Over the past 24 hours, trading volume has decreased by more than 50 percent.

Solana price analysis conclusion

The Solana price analysis indicates that the price is poised to fall further today. Traders should expect the price to rebound if support holds at $84 for the next several hours. However, there are also chances of additional bearish price action as a whole, owing to which directional indicators are currently in a bearish trend. The next significant resistance can be found at $91.1, while support is present at $84.

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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