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Solana price analysis: SOL starts to lose value at $85.8

SOL

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • The strongest resistance is present at $100.
  • Solana trading price is $85.8 as of now

The Solana price analysis shows bullish momentum with strong bearish opportunities. The bulls rule the SOL market, which has changed the market’s dynamic, and SOL now expects a further devaluation in the coming days. On the other hand, the bears appear to show firm footing and might engulf the market soon. As a result, the SOL price has experienced a crash from $90 to $85 and has remained around that threshold.

The market shows the price of Solana’s negative movement at the $85 mark. Solana continues a bullish movement. SOL currently trades at $85; SOL has been down 1.38% in the last 24 hours with a trading volume of $2,641,226,135 and a live market cap of $27,527,236,553. SOL currently ranks at #9 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

The Solana price analysis illustrates that the present condition of the market demonstrates bearish potential as the price moves downward. Moreover, the market’s volatility follows a slight closing movement, resulting in the cryptocurrency being less prone to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $91, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $79, serving as a support point for SOL.

The SOL/USD price travels under the Moving Average curve, indicating the market following a bearish movement. However, as the market experiences declining volatility today. In addition, the SOL/USD price seems to move towards the support band attempting to break it, signifying a possible reversal movement, which could prove to be a silver lining for bulls.

Solana price analysis: SOL starts to lose value at $85.8 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 52 making the cryptocurrency stable, falling in the upper neutral region. Furthermore, the RSI score moves linearly, indicating the selling activity equaling the buying activity while moving towards stable dynamics.

Solana price analysis for 24-hours: SOL enters a squeeze

The Solana price analysis has experienced a bearish movement in the last few days. Moreover, as the volatility remains dormant, it makes the value of the cryptocurrency consistent with volatile change. As a result, the upper limit of the Bollinger’s band rests at $100, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $74, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. On the other hand, the market shows declining movement as the price favors a negative approach.

Solana price analysis: SOL starts to lose value at $85.8 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 39, showing the cryptocurrency’s stable value. It falls in the lower neutral region. However, the RSI score follows a decreasing movement signifying a declining market and toward depreciating dynamics. The declining RSI score indicates selling activity superior to buying activity.

Solana Price Analysis Conclusion

The Solana price analysis shows bullish momentum with strong possibilities of bearish opportunities. The bears will have a chance for the throne if they prove themselves worthy; they may even engulf the whole market. This can be possible if the price breaks the support. The market dynamic will be shifter in the bears’ favor.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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