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Solana price analysis: SOL loses value at $110.05

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TL;DR Breakdown

  • Solana price analysis is bearish
  • SOL prices are facing rejection at $115.81
  • Support for SOL prices is present at $108.8
Solana price analysis: SOL loses value at $110.05 1
Cryptocurrencies prices heatmap, source: Coin360

The Solana price analysis shows a downtrend for Solana prices after losing value at $110.05.There is a support level present at $108.8, and the prices may find some buying interest there. Solana prices have shed 2.57 percent of their prices and are now trading at $110.05 after a brief period of consolidation. The present sell-off in Solana prices may result to a further decline in Solana prices in the next few hours.

Solana price analysis indicates a bearish trend that has been witnessed over the last few days as the market sentiment turned negative. The overall trading volume of the cryptocurrency is 1.4 billion while the prices have been hovering between a range of $108.80 to $115.81.Solana is currently ranking at position 6 while dominating 1.86 percent of the digital assets market.

Solana price action on a 1 -day price chart: Bears adamant in pushing prices below $110.8

The Solana price analysis on a 1-day price chart shows that the cryptocurrency has fallen sharply after it was turned away at $115.81 by the bears. The trendline resistance is currently present at $111.40, and a break below this level can see prices decline to $108.80 where some support may be found. The Relative Strength Index or the RSI indicator is currently trying to move back above the 50 levels, which may result in some consolidation in prices.

The MACD indicator is currently bearish as the signal line is above the candlesticks. A crossover below this level can see prices retest the $108.80 support level while the moving averages are turning bearish as the prices approach the $108.80 level.

Solana price analysis: SOL loses value at $110.05 2
SOL/USD 1-day price chart, source: TradingView

The Solana price analysis shows that the cryptocurrency has been losing value steadily over the last few days. The overall market sentiment has turned negative, and this has resulted in the prices of Solana falling sharply. The support level present at $108.8 may provide some buying interest, but the prices are likely to continue falling if the market sentiment does not turn around soon. The MACD indicator is currently bearish, and a crossover below the signal line can see prices decline further.

Solana price action on a 4-hour price chart: Prices face rejection at $111.40

The Solana price analysis on the 4-hour price chart shows that prices have been facing some selling pressure after they were rejected at $115.81. The prices have been moving between a range of $108.80 to $115.81 over the last few days as the market sentiment remained negative. The resistance level is currently present at $111.40, and the prices may find some buying interest there.

The MACD indicator is currently bearish as the signal line is well above the candlesticks. A crossover below this level can see prices decline to $108.80 while the Relative Strength Index or the RSI indicator is presently trying to move back above the 50 levels, which may result in some consolidation in prices. The Bollinger bands are starting to widen, indicating a possible period of high volatility.

Solana price analysis: SOL loses value at $110.05 3
SOL/USD 4-hour price chart, source: TradingView

The Solana price analysis on the 4-hour price chart shows that the cryptocurrency has been losing value steadily over the last few days as the market sentiment turned negative. The overall trading volume of the cryptocurrency is 1.4 billion, and the prices are currently facing some selling pressure after they were rejected at $115.81. The support level present at $108.8 may provide some buying interest, but the prices are likely to continue falling if the market sentiment does not turn around soon. The MACD indicator is currently bearish, and a crossover below the signal line can see prices decline further.

Solana price analysis conclusion

Today Solana price analysis indicates a negative market sentiment as evident in the 4 hours and 1-day price chart. Prices have been losing value steadily over the last few days, and the support level present at $108.8 may provide some buying interest. The bulls are trying to defend the $108.8 level, but the market sentiment is currently bearish, and a breakout below this level can see prices decline to $105.60 where some support may be found.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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