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Solana price analysis: SOL prices consolidate around $32.39 amid bearish winds

Solana price analysis
TL;DR Breakdown
  • Solana price analysis is bearish today
  • Resistance for SOL/USD is present at $34.50
  • Solana prices have sought support at $31.96

Solana price analysis reveals SOL prices are still holding above $32.39 amid the bearish winds. Solana price movement over the last 24 hours shows the prices opened the daily trading session trading at lows of $31.87 and then proceeded to consolidate around $32.39 with a slight decrease of 2.60 percent.

Solana price analysis indicates the market capitalization for the coin has also increased marginally to reach $9.54 billion, while the 24-hour trading volume stands at $1.18 billion. The cryptocurrency is ranking position 9 with a market dominance of 1.40 percent. The bulls are trying to defend the key support of $ 31.96, but the bears are putting up a strong fight.

SOL/USD 1-day price analysis: Bears mount pressure on the bulls

Solana price analysis on a daily chart reveals that during yesterday’s trading session, the prices fell to a low of $30 and have been consolidating around the $32 level since then. The 50-day SMA is still sloping downwards and is currently located at $54.70 while the 20-day EMA has crossed below the 50-day SMA to confirm the bearish trend.

image 124
SOL/USD 1-day price chart, source: TradingView

The Relative Strength Index is currently at 41.85 and is headed towards the oversold region, which indicates that the selling pressure is likely to continue in the near term. The MACD line is crossing the red signal line from below to indicate a bearish trend in the market.

SOL/USD 4-hour price analysis: Prices consolidate around $32.39 amid bearish winds

Solana price analysis on a 4-hour chart reveals that SOL/USD is facing resistance at the $34.50 level, and if the prices break above this level, we can expect the next resistance levels to be at $36 and $38. The support levels for the cryptocurrency are currently at $31.96 and a break below this level could see the prices head towards the $30 mark.

image 123
SOL/USD 4-hour price chart, source: TradingView

The Bollinger Bands are currently in a bearish squeeze, which indicates that the prices are likely to see a period of low volatility in the near term. The RSI is currently at 42.80 and is headed towards the oversold region, which indicates that the selling pressure is likely to continue in the near term. The 50-day SMA and the 20-day EMA are currently sloping downwards, which confirms the bearish trend in the market.

Solana price analysis conclusion

The overall Solana price analysis reveals that the prices are still consolidating around $32.39 amid bearish winds. The market indicators are also pointing to a bearish trend in the near term. However, the bulls are still trying to defend the key support level of $31.96. Investors should wait for a clear trend to emerge before making any investment decisions.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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