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Solana price analysis: Bearish clouds fade as SOL/USD prices near $37.68

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis shows a bearish trend
  • Solana price is facing resistance at $39.95
  • Support for SOL prices is present at $36.04

image 80
Cryptocurrencies prices heatmap, source: Coin360

Solana price analysis shows a bearish trend for the past 24-hours as prices retrace from highs near $39.95. The cryptocurrency is now trading at $37.68 and is facing immediate resistance at $39.95. A break above this level could see SOL prices continue higher towards $41. On the downside, support lies at $36.04 which if breached could see Solana prices retest the $34 level. The prices have been hovering around a range of $36.04 and $39.95 for the past few hours.

After the recent market-wide sell-off, the cryptocurrency has not been able to find any buyers at higher levels. The prices have been consolidating in a range for the past few hours as bulls and bear battle for control. The market shows the price of Solana’s negative movement at the $37.68 mark. Solana continues a bearish movement. SOL currently trades at $37.68; SOL has been down by 5.09 percent in the last 24 hours with a trading volume of $1,502,981,807 and a live market cap of $12,780,744,779. SOL currently ranks at #23 on CoinMarketCap.

Solana price analysis for 24-hours: SOL market likely to decline further

On the 1-day Solana price analysis, the market situation for SOL is not favorable as the price action has been bearish for some time now. In addition, there is a lot of negative pressure on the market, which could lead to further downside. Furthermore, the market looks like it is heading towards the $35 mark, which is a key support level. If this level is breached, it could lead to further downside.

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

The technical indicator MACD shows a bearish crossover as the MACD line (blue) crosses below the signal line. This is a bearish indicator and could lead to further downside. The RSI for SOL is currently at 42 which is in the neutral zone. This indicates that the market could see some consolidation in the near term. The Bollinger bands have expanded which indicates that the market is volatile.

Solana price analysis on a 4-hour price chart: SOL prices decline to $37.68

On the 4-hour Solana price analysis, the market looks bearish as prices have declined from highs near $39.95. The market is currently trading at $37.68 and is facing immediate resistance at $39.95.The market has faced a strong sell-off and the prices have not been able to find any buyers at higher levels. The market is currently in a consolidation phase and the prices are trading between $36.04 and $39.95.

image 82
SOL/USD 4-hour price chart, source: TradingView

The Moving Average Convergence Divergence (MACD) shows a bearish crossover as the MACD line (blue) crosses below the signal line. The RSI for SOL is currently below 50 which indicates that the market is bearish. The Bollinger band is below the 50 level which indicates that the market is oversold.

Solana price analysis conclusion

Solana price analysis shows that the market is in a bearish phase and the prices are likely to continue lower in the near term. The key support levels to watch out for are $36.04. If these levels are breached, it could lead to further downside. The technical indicators are also giving bearish signals, which indicates that the prices may fall further in the near term.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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