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Solana price analysis: Bearish run brings SOL value down to $65.55

Solana price analysis
TL;DR Breakdown
    • Solana price analysis shows a bearish trend
    • Support for SOL prices is present at $64.02
    • Resistance for SOL is present at $ 73.76

 

image 170
Cryptocurrencies prices heatmap, source: Coin360

The Solana price analysis confirms a bearish trend as the market slides down to $65.55.The Solana price analysis is currently bearish as it continues its slide down from yesterday’s high of $68.13. The market has found some support at the $64.02 level, but the $73.76 resistance is proving to be a formidable barrier to break.

The market shows the price of SOL descending in a parallel channel since the beginning of the month. The price has found some support at $64.02, but the bears are in control as they push the price down to $65.55. The market is currently oversold, but the selling pressure is significant enough to push the price down.

The trading volume of $ 2,912,555,999, is quite high, and the market may see some consolidation at these levels. The bears are in control of the Solana market as it slides down to $65.55 today. The market may find some support at $64.02, but the selling pressure is significant enough to push the price down to $63.50 in the short term.

SOL/USD 1-day price chart. SOL steps down to the $66.55 range

The daily Solana price analysis predicts a decreasing trend for the market as it steps down to $65.55 today. The market may find some support at the $64.02 level, but the bears are in control as they push the price down to $63.50 in the short term. The market is oversold, and the selling pressure is quite high. A consolidation phase may occur at these levels before the market resumes its downward trend.

image 168
SOL/USD 1-day price chart, source: TradingView

The moving average(MA) value for the one-day SOL/USD price chart is presently placed at $65.33, which is well below the current market value of $66.55, showing a bearish trend for the market. The MACD indicator is presently in the bearish zone as the signal line crosses over the histogram. The RSI indicator shows a value of 28.23, which indicates that the market is currently oversold. The Bollinger bands are presently in the bearish zone as the prices have breached below the lower band. This indicates that the market is in a bearish trend as of now.

Solana price analysis: Recent developments and further technical indications

The 4-hour chart of SOL/USD shows that the price is downtrend as it forms lower highs and lower lows. The market has found some support at the $65.02 level, but the bears are in control as they push the price down to $64.50 in the short term. The market is oversold and a consolidation phase may occur before the market resumes its downward trend.

image 169
SOL/USD 4-hour price chart,source: TradingView

The moving averages(MA) value for the 4-hour Solana price chart is presently placed at $65.60, which is well below the current market value of $66.55, showing a bearish trend for the market. The MACD indicator is presently in the bearish zone as the signal line crosses over the histogram. The RSI indicator shows a value of 27.22, which indicates that the market is currently oversold. The prices are approaching the lower band of the Bollinger band, which is an indication that the market is in a bearish trend as of now.

Solana price analysis conclusion:

The Solana price analysis shows that the market is bearish as it slides down to $65.55 today. Traders should wait for the market to find some support before entering into any long positions. In addition, the market is oversold and a consolidation phase may occur before the market resumes its downward trend, we can expect the market to fall to $64.02 in the short term. Moreover, the current sell-off in the market is likely to set SOL prices to break lower support levels near $61 and $60.

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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