Solana price analysis: SOL depreciates towards the $48 mark after bearish run

Solana price analysis: SOL depreciates towards the $48 mark after bearish run
TL;DR Breakdown
  • Solana price analysis is bearish today.
  • The strongest resistance is present at $114.
  • Solana trading price is $48.8 as of now

Solana price analysis shows complete bearish momentum with room for further bearish activities. 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 $55 to $48 and has remained around that threshold.

The market shows the price of Solana’s negative movement at the $50 mark. Solana continues a bearish movement. SOL currently trades at $48; SOL has been down 8.25% in the last 24 hours with a trading volume of $2,227,622,863 and a live market cap of $16,187,368,738. SOL currently ranks at #9 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

Solana price analysis illustrates that the present condition of the market demonstrates positive 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 $58, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $40, serving as a support point for SOL.

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

image 235
SOL/USD 1-day price chart source: TradingView

Solana price analysis reveals that the Relative Strength Index (RSI) score is 39 making the cryptocurrency stable, falling under the lower neutral region. Furthermore, the RSI score moves slightly upwards, indicating that the buying activity slightly outweighs the selling activity while moving towards increasing dynamics.

Solana price analysis for 24-hours: SOL market opens

Solana price analysis has entered a bearish movement in the last few days. Moreover, as the volatility opens, the value of the cryptocurrency moves with a volatile change; the price is more prone to variable change in this instance. As a result, the upper limit of the Bollinger’s band rests at $114.4, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $42, 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.

image 234
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 36, showing the cryptocurrency’s extremely low value. It falls in the devaluation region. However, the RSI score follows a downward movement signifying a declining market and depreciating dynamics. In addition, the declining RSI score indicates the selling activity outweighs the buying activity.

Solana Price Analysis Conclusion

Solana price analysis shows bearish momentum with strong possibilities of further decline in its price 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, but if the price breaks the support. Then, the market dynamics might 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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