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Solana price analysis: Bearish run brings SOL/USD value down to $41.02

Solana Price analysis 2022 01 30 1 1
TL;DR Breakdown
  • Solana price analysis shows a bearish trend
  • Solana price is facing resistance at $42.23
  • Support for SOL prices is present at $39.12

Solana price analysis shows that the coin is facing a bearish trend in the market for the last 24 hours. The coin has been trading under a descending triangle pattern and is currently testing the $41.02 level. If this support level breaks, then Solana’s price may decline to $39.12.Resistance for SOL/USD pair is present at $42.23. A break above this level may push the price up to $44.54.

image 377
Cryptocurrencies prices heatmap, source: Coin360

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 is currently trading at $41.02, which is a 2.31% decline in the last 24 hours. The market capitalization of the coin stands at $14,073,198,980 and the 24-hour trading volume is recorded at $1,227,889,179.

Solana price on 1-day analysis: SOL/USD is facing resistance at $42.23

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 $39.12 level of support.

image 378
SOL/USD 1-day price chart, source: TradingView

The MACD indicator shows a bearish crossover, which indicates that the market may see some selling pressure in the near future. The technical indicators are mostly bearish as the RSI is trading at 44.10 and is heading towards the oversold region. The Bollinger band has widened which indicates increased volatility in the market.

Solana price analysis on a 4-hour price chart: SOL prices decline to $41.02

On the 4-hour Solana price analysis, the market looks bearish as prices have declined from highs near $44.The market is currently trading at $41.02 and is facing immediate resistance at $42.23.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 $ 39.12 and $42.23.

image 376
SOL/USD 4-hour price chart, source: TradingView

SOL/USD pair is trading below the Relative Strength Index (RSI) of 50, which indicates that the market is bearish. The MACD indicator is moving below the signal line, which is a bearish sign. The Bollinger bands on a 4-hour time frame are moving toward each other, which is a sign of decreased volatility in the market.

Solana price analysis conclusion

In conclusion, Solana price analysis shows that the coin has been facing a bearish trend for the past few days. The market may see some selling pressure in the near future as the technical indicators are mostly bearish. However, the market has found some support at $41.02 and a break below this level may push prices towards $39.12.The market is currently in a consolidation phase and a breakout of either $39.12 or $42.23 could give some direction to the market.

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.

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John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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