Solana price analysis: SOL price curve bounces back to $35.2

Solana price analysis: SOL price curve bounces back to $35.2

TL;DR Breakdown

  • The recent Solana price analysis shows a decreasing price action.
  • Price levels have dropped down to $35.2 today.
  • Support for SOL is present at $33.2.

The most recent Solana price analysis shows an increased chance of an upcoming downswing as the bears regain their strength. The bearish momentum is getting high, as the coin value just reached down to $35.2 point. This is a relatively negative indication regarding the future market events, as a wavy pattern is visible on the price chart, and during the past week, the price was going up, but now, the wave is going down for the fourth day to complete its ongoing cycle. The price will continue to go down for a few more trading sessions making the situation relatively unfavorable for the cryptocurrency.

SOL/USD 1-day price chart: Bears continue suppressing the price levels

The one-day Solana price analysis supports the bears, as the market is seemingly overtaken by a prolonged bearish wave. The situation is the same for SOL, as the bulls are unable to make their way to recovery. Bears have been able to push the price back to the $35.2 level and made a loss of 4.90 percent during the last 24 hours, which is un-appreciable progress. More improvement is to follow if the selling momentum intensifies. The price is below its moving average (MA) value which is $36.5.

sol 1 dayq
SOL/USD 1-day price chart. Source: TradingView

The volatility is low, which, on the contrary, is a negative hint regarding future market trends as a breakthrough can not be expected. The upper and lower Bollinger Bands Indicator values have not changed, and the upper Bollinger band shows a $41.9 value, whereas the lower Bollinger band displays a $31.2 value which is also the strongest support for SOL. The Relative Strength Index (RSI) score has noticeably decreased, and the score has reached an index of 45, indicating the seller’s progress in the market.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis also shows negative results, as the bears are continually marking their wins. In the past few hours, the price came to further down points as the selling activity rose. But the price rose back to the $35.2 level again as the bullish efforts have also emerged, and a little recovery has been observed as well. A crossover between SMA 50 and SMA 20 was recorded a few hours earlier as well. At the same time, the moving average for the four-hour price chart stands at $36.4.

sol 4 houry
SOL/USD 4-hours price chart. Source: TradingView

The volatility is increasing, which means that a price drop will be expected in the next few hours. If we discuss the Bollinger Bands Indicator’s values, the upper band shows $39.5 figures, whereas the lower band displays $35.2 figures. The RSI curve trailed low but is now taking a turn upwards at index 38.

Solana price analysis conclusion

The one-day and four-hour Solana price analysis confirms a decrease in coin value over the past 24 hours. The bears are repeatedly hitting the market to continue the downward trend further. The bearish wave will continue if the sellers keep contributing. Right now, the price has slightly improved up to $35.2 after covering the range downwards, but the bullish activity may suffer a loss soon.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

Related News

Hot Stories

Bitcoin price analysis: Bulls remain in driving seat as BTC establishes its foothold again, reaching $23,431
Ethereum price analysis: Bulls pushes ETH above at $1,600 mark after recovery from $15,565
Chainlink price analysis: LINK/USD breaks below $7.36 as bearish trend overwhelms the market
Aave price analysis: Cryptocurrency steps down at $86.03 as bearish gain traction
South Korea unveils plans to monitor cryptocurrency in 2023

Follow Us

Industry News

South Korea unveils plans to monitor cryptocurrency in 2023
Yuga Labs co-founder steps down
Core Scientific submits petition to sell over $6M in Bitmain vouchers
Sam Bank-Fried seeks access to FTX
CZ predicts a dire future for traditional institutions not embracing crypto

Add Your Heading Text Here