Solana price analysis: SOL illustrates bearish dynamics at $105.1

SOL

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The strongest resistance is present at $138.6.
  • Solana trading price is $105.1 as of now

The Solana price analysis shows partial bearish momentum with room for bullish opportunities. The bears rule the SOL market and are likely to maintain their momentum, and SOL now expects a further devaluation in the coming days. As a result, the bears appear to show firm footing and might engulf the market soon. Furthermore, the SOL price has experienced a crash from $108 to $105 and has remained around that threshold.

The market shows the price of Solana’s negative movement at the $105 mark. Solana continues a bearish movement. SOL currently trades at $105; SOL has been up 2.96% in the last 24 hours with a trading volume of $1,746,082,650 and a live market cap of $34,628,085,788. SOL currently ranks at #7 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 positive potential as the price moves upwards. 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 $109, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $98.5, serving as a support point for SOL.

The SOL/USD price travels over the Moving Average curve, indicating the market is following a bullish movement. However, as the market experiences declining volatility today. In addition, the SOL/USD price seems to move towards the resistance, signifying a possible reversal movement, which could possibly break the bullish momentum.

Solana price analysis: SOL illustrates bearish dynamics at $105.1 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 46 making the cryptocurrency stable, falling into the lower neutral region. Furthermore, the RSI score moves slightly downwards, indicating that the selling activity slightly outweighs the buying activity while moving towards devaluating dynamics.

Solana price analysis for 24-hours: SOL market indecisive

The Solana price analysis has entered a bearish movement in the last few days. Moreover, as the volatility closes, the value of the cryptocurrency moves with a volatile change; the price is less prone to variable change in this instance. As a result, the upper limit of the Bollinger’s band rests at $138, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $92, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. On the other hand, the market can be seen shifting to an upward movement as the price favors a positive approach.

Solana price analysis: SOL illustrates bearish dynamics at $105.1 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 47, showing the cryptocurrency’s stable value. It falls in the central neutral region. However, the RSI score follows a linear movement signifying consistent market and regular dynamics. In addition, the declining RSI score indicates selling activity equal to buying activity.

Solana Price Analysis Conclusion

The Solana price analysis shows bearish momentum with strong possibilities of an overall reversal movement in the coming days. The bears have captured the market. If the bulls fail to strike back soon, the bears will engulf the market for the long term. However, since the bears show massive potential, they can have a chance to consume the market entirely, however, if the price breaks the resistance. Then, the market dynamics will be shifted in the bulls’ 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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