logo

Solana price analysis: Bears maintain downtrend as price slipstreams to $149

Solana price analysis Bears maintain downtrend as price slipstreams to

TL;DR Breakdown

  • The Solana price analysis is bearish.
  • Bears have taken the price levels down to the $149 range.
  • Support for SOL/USD is present at $142.

The Solana price analysis is bearish as a decline in the price level has been observed today; the price levels have moved down to meet the $149 range. As bulls were active previously and an uptrend was following for the past two days, the crypto pair gained significant value during this time, but today bears have taken the lead again.

The bears are inclined towards taking the price further below the current price value to keep maintaining their bearish slide that has been continuing for the past few hours. The bears have played swiftly as they have dodged past the bullish momentum that had interrupted their streak.

SOL/USD 1-day price chart: Bears made a comeback

The 1-day price chart for Solana price analysis is going in favor of the bears once again, as they have regained their momentum after a short period. The price value has been pulled down, as today it has reached the value at $149.6 after getting rejected at $152. As the coin rallied quite high yesterday, selling pressure was expected as the price has now reached a resistance zone.

Meanwhile, the moving average (MA) value in the 1-day chart is found trading at $144 level below the price level. Moreover, the SMA 20 curve is far below the SMA 50 curve, which can be taken as a bearish sign as well. As the short-term trending line is still going downwards, However, the bullish trend of the past two days has provided good support to the coin price function, as it has at least helped take the price to the highest level of the last five days.

Solana price analysis: Bears maintain downtrend as price slipstreams to $149 1
SOL/USD 1-day price chart. Source: TradingView

The Bollinger bands indicator shows high volatility for SOL/USD as the indicator is covering more area on the charts, and its upper band is showing the value at $202 while its lower band is showing a value of $124, representing the strongest support. The Bollinger bands average is set at $163, which represents resistance for the coin’s price. The Relative Strength Index (RSI) score has also followed a massive jump, as it has reached above the overbought mark and is fixed at 82.12.

Solana price analysis: Latest developments and further technical indications

The 4-hours Solana price analysis indicates that the bearish momentum has resulted in a momentary decline in the price value. The price dropped to $148.5 during the first four hours of today’s trading session, but support has appeared again for SOL as the price is again increasing at the moment as the last candlestick on the 4-hour chart is green.

Solana price analysis: Bears maintain downtrend as price slipstreams to $149 2
SOL/USD 4-hours price chart. Source: TradingView

The bearish momentum might come back and intensify in the upcoming hours if the market sentiment turns negative again. Also, the Bollinger bands values in the 4-hours price chart are as follows; the upper Bollinger band is at $152, representing resistance, whereas the lower Bollinger band is at $129, indicating increasing volatility for the cryptocurrency. The moving average (MA) is trading below the price level at $145 after crossing above SMA50 yesterday. The RSI score is also increasing as well because of the ongoing buying trend and has reached index 58; however, a steep decline in RSI was observed for eight hours continuously.

Solana price analysis conclusion

The Solana price analysis suggests the price levels have lowered to $149.6, as more sellers have entered the market as compared to the buyers. If the bulls are able to find a chance of improving the price values, then there is a possibility that the price will continue its journey to cross $154.6 resistance.

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.

Related News

Hot Stories

Bitcoin, Ethereum, Tezos, and Axie Infinity Daily Price Analyses – 12 August Roundup
How to Mine Vertcoin 2022 (Complete Guide)
Dogecoin price analysis: DOGE slowly fails to retrace, looks to retest $0.073 overnight?
How to Mine Safemoon 2022 (Complete Guide)
How to Mine Ergo 2022 (Complete Guide)

Follow Us

Industry News

Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?
MakerDAO is “seriously” considering moving away from USD
FTX CEO unhappy as crypto firms fail to aid each other
BlackRock launches spot BTC private trust