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Solana price analysis: SOL could revisit $97 support as bears dominate market

Solana price analysis

TL;DR Breakdown

  • Solana price analysis shows price down 3 percent over last 24 hours
  • Trading volume increased more than 103 percent to justify seller domination
  • Price could move as low as $97 if market crash continues as expected

Solana price analysis shows bearish signs as prices declined more than 3 percent over the past 24 hours. SOL could be in line to revisit support at $97 if sell-offs continue, as trading volume rose significantly by 103 percent during the day’s trade. Price fell as low as $94.58 today after losing more than 8 percent over the past 7 days. Since declining 13 percent on April 11, SOL has failed to consolidate momentum upwards and faced rejections around the $101 mark. Major technical indicators suggest that the downtrend continues and that movement below the support zone would invalidate the bullish sentiment.

The larger cryptocurrency market showed declining prices across the board, converse to Bitcoin’s move up to $40,800. Ethereum showed a minor decrement to stay just above the $3,000 mark, while major Altcoins recorded similar declines. Ripple moved down to $0.76 with a 2 percent drop, Dogecoin dropped 2 percent to $0.13, while Cardano slipped 1 percent to $0.93. Terra recorded the only positive movement, rising more than 11 percent to sit at $88.90.

Solana price analysis: SOL could revisit $97 support as bears dominate market 1
Solana price analysis: Cryptocurrency heat map. Source: Coin360

Solana price analysis: Sellers dominate 24-hour chart as market valuation stagnates

On the 24-hour candlestick chart for Solana price analysis, the price continues to follow a rectangular pattern with sellers dominating price action. The 24-hour relative strength index (RSI) shows a stagnating trend at 45.37, which coupled with the incremental trading volume paints a bearish outlook for Solana. Price currently sits below the crucial 50-day exponential moving average (EMA) at $103.93, and movement over the past 24 hours shows sell-offs towards $94.97. The moving average convergence divergence (MACD) curve continues to follow a bearish divergence but remains favorable to form an upturn if buyers come into the market.

Solana price analysis: SOL could revisit $97 support as bears dominate market 2
Solana price analysis: 24-hour chart. Source: Trading View

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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