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Solana price analysis: SOL loses value at $34.00 after bearish run

Solana Price analysis
TL;DR Breakdown
  • Solana price analysis is bearish today
  • The strongest resistance is present at $35.64
  • Support for SOL/USD is present at $33.21

Today’s Solana price analysis shows that the market is bearish today after rolling over from the resistance at $35.64. The market has been on a downtrend for some time now, and it looks like this trend could continue in the near term. The biggest support level for SOL/USD is present at $33.21, and if this level is broken, the market could see a further downside.

image 109
Cryptocurrencies prices heatmap, source: Coin360

The digital asset is currently trading at $34.31, and it has a market capitalization of $11 billion. The 24-hour trading volume for the asset is $945 million, and it is down by 2.33% in the last 24 hours, it is currently the 14th largest cryptocurrency by market cap.

SOL/USD 1-day price chart. Solana steps down to the $34.00 range

The 24-hour Solana price analysis chart shows that the market has been in a downtrend since it made a high at $41.61 in May. The market then rolled over and fell to a low of $33.21 on May 16. The market has been consolidating for the last few days, and it looks like the bears are in control of the market. The market looks like it could continue its downtrend in the near term as the bears look to take control.

image 107
SOL/USD 1-day price chart, source: TradingView

The SOL/USD price appears to be crossing under the 200-day moving average (blue line), which is a bearish sign. The market is also trading below the 50-day moving average (yellow line). The RSI for the pair is currently at 41, which indicates that the market is in bearish territory. The MACD for the pair is currently in a bearish territory as well.

SOL/USD 4-hour price analysis: Solana faces rejection at $35.64

The 4-hour Solana price analysis shows that the present condition of the market demonstrates negative potential as the price moves downward. Moreover, the market’s volatility follows a slight opening movement, resulting in the cryptocurrency trading at the $34.00 level.

image 108
SOL/USD 4-hour price chart, source: TradingView

The market has been facing rejection at the $35.64 level, and a break above this level is needed for the bulls to take control of the market. The next major resistance level for SOL/USD is present at the $37.00 level. The MACD line is currently below the signal line, which is a bearish sign. The RSI for the pair is currently below 50, which indicates that the market is in bearish territory. The 50 moving average is currently below the 200 moving average, which is a bearish sign.

Solana price analysis conclusion

Solana price analysis shows that the market is bearish today after rolling over from the resistance at $35.64. The market has been on a downward trend for some time now, and it looks like this trend could continue in the near term. The biggest support level for SOL/USD is present at $33.21, and if this level is broken, the market could see a further downside.

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.

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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