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Solana price analysis: SOL fails to break above $33, still bearish

Solana price analysis
TL;DR Breakdown
  • Solana price analysis shows a downtrend
  • SOL prices have sought support at $30.0
  • Prices have been stuck around $32.68 in the last 24 hours

Recent Solana price analysis Solana (SOL) price is currently trading at $32.73, which is around the same level it was trading at yesterday. The cryptocurrency has been stuck in a tight range between $32 and $33 for the past few days and has failed to break out of this range. The lack of movement in the price of Solana indicates that the market is undecided about the direction of the cryptocurrency. The bearish trend seems to be intact, as prices have not been able to break out of the $33 resistance. The next level of support is at $30, which is where prices found support earlier this week. A break below this level could see Solana prices falling to $28.

Solana price action on 4-hour chart: Bears stumble at $33 support-turned-resistance

On the 4-hour chart, Solana (SOL) price has formed a bearish flag pattern, which is a continuation pattern. The flag pattern is formed when prices make a sharp movement followed by a period of consolidation. The pattern is usually seen as a continuation of the previous trend. In this case, the previous trend is the downtrend that started in mid-April. The bearish flag pattern suggests that prices are likely to continue falling towards the $30 support level.

The RSI indicator is currently at 45 and is rising, which indicates that the bears are losing momentum. A break below $30 could see Solana prices falling towards the $28 support level.

image 28
SOL/USD 4-hour price chart, Source: TradingView

The MACD indicator is currently in bearish territory and is moving lower. This indicates that the bears are in control of the market. The moving averages are currently bearish and are both trending lower. This indicates that the bears are in control of the market.

Solana price movement in the last 24 hours: Prices remain range-bound

Solana price analysis in the last 24 hours indicates (SOL) price has been range-bound in the last 24 hours, as it has not been able to break out of the $33 resistance. The trading volume has also been relatively low and is currently at $620,821,797. The bulls have been trying to push prices higher, but have so far failed to do so. The next level of resistance is at $35, which is a key level to watch. A break-out and close above this level could see Solana prices rallying towards the $40 level.

image 27
SOL/USD 1-day price chart, Source: TradingView

The technical indications on the daily chart are bearish. The MACD line is sloping downwards and is below the signal line. This indicates that the market is currently in bearish territory. The RSI indicator is currently at 46 and is rising, which indicates that the bulls are losing momentum. The moving average line is trending downwards and is currently at $32. This indicates that the market is bearish.

Solana price analysis conclusion

Solana price analysis indicates the market is bearish. Prices have been stuck in a tight range and have failed to break out of the $33 resistance. The technical indicators on the daily chart are all bearish, which supports the view that prices are likely to continue falling. The bulls will need to push prices above the $35 resistance level to invalidate the bearish view.

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

joel

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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