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Solana price analysis: SOL prices consolidate around $35.52 amid bearish winds

Solana price analysis
TL;DR Breakdown
  • Solana price analysis is bearish today
  • Resistance for SOL/USD is present at $38.91
  • Solana prices have sought support at $35.36

Solana price analysis reveals SOL prices are still holding above $35.52 amid the bearish winds. Solana price movement over the last 24 hours shows the prices opened the daily trading session trading at lows of $35.36 but later on, the prices surged to highs of $38.91 with a slight decrease of 8.36 percent.

Solana price analysis indicates the market capitalization for the coin has also decreased marginally to reach $12.3 billion, while the 24-hour trading volume stands at $1.4 billion. The cryptocurrency is ranking position 28 on the list of digital assets with the largest market capitalization.

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

The daily chart for Solana price analysis reveals that the cryptocurrency has formed a descending wedge pattern. The breakdown of this pattern could see prices testing support at $31.06. A rebound from this level could push prices back up to $38.91, which is the upper limit of the descending wedge pattern.

image 274
SOL/USD 1-day price chart, source: TradingView

The Relative Strength Index on the same chart is in bearish territory but is close to the 50 levels. This indicates that the prices could consolidate around these levels before a breakout in either direction. The 50-day and 200-day Simple Moving Averages are both sloping horizontally, with the 50-day SMA currently trading above the 200-day SMA. This indicates that there is a possibility for a bullish crossover in the near future. The MACD indicator line (blue) is currently above the signal line, which is a bullish sign.

SOL/USD 4-hour price analysis: Recent development

The 4-hour chart for Solana price analysis shows that prices have been trading between the $34.96 and $38.91 levels since the beginning of the day’s trading session. The bulls have so far been unsuccessful in pushing prices above the $38.91 resistance level.

image 275
SOL/USD 4-hour price chart, source: TradingView

The Moving Average Convergence Divergence indicator on the same chart is currently in bearish territory but close to the 0 levels. This indicates that the market is currently consolidating and a breakout in either direction could occur soon. The RSI indicator is also in the bearish territory with a value of 42.35. The market is currently trading below the 50-day SMA but above the 200-day SMA, which indicates a bearish market bias.

Solana price analysis conclusion

Overall, Solana prices are bearish in the short term but could see a rebound from the $31.06 support level. A breakout above the $38.91 resistance level is needed for prices to surge higher. The cryptocurrency market has been on a roller coaster ride over the past few weeks with prices surging and then crashing back down. The technical indicators show that the market is currently in a consolidation phase and a breakout is likely to occur 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.

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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