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Solana price analysis: SOL decreases by 4% after strong bearish momentum

Solana price analysis: SOL decreases by 4% after strong bearish momentum
TL;DR Breakdown
  • Solana price analysis is bullish today.
  • The strongest resistance is present at $46.3.
  • The strongest support is present at $42.6.

Solana price analysis shows rising signs as the market shows downside risks. However, the bulls have maintained their control of the Solana market, which might change the course of the market for the worse as bears gather to decline the price, and SOL now expects a negative period to take over in the next few days. As a result, the bears will do everything they can to regain control. Moreover, the SOL price has experienced extreme decreasing dynamics in the last few hours.

The market shows the price of Solana crashed yesterday to the $44.8 mark and further increased to $46.9. Solana continues a negative movement. Moreover, the next day, Solana prices crashed and reached $44.1. SOL currently trades at $44.1; SOL has been down 4.07% in the last 24 hours with a trading volume of $1,427,001,166 and a live market cap of $15,368,911,506. SOL currently ranks at #9 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

Solana price analysis illustrates that the present condition of the market demonstrates bearish potential as the price moves downwards. Moreover, the market’s volatility follows a decreasing movement, making the cryptocurrency less susceptible to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $48.5, serving as the strongest resistance point for SOL. Conversely, the lower limit of the Bollinger’s band is present at $42.6, serving as a support point for SOL.

The SOL/USD price travels under the Moving Average curve, indicating the market is following a bearish movement. However, as the market experiences decreasing volatility today, the Solana price has less room to preserve the negative trend. In addition, the SOL/USD price seems to move downward, signifying a decreasing market with consistent dynamics.

image 133
SOL/USD 4-hour price chart Source: TradingView

Solana price analysis reveals that the Relative Strength Index (RSI) score is 46 making the cryptocurrency enter the upper neutral region. Furthermore, the RSI score moves slightly upward, indicating that the buying activity exceeds the selling activity while moving towards stability.

Solana price analysis for 24-hours

Solana price analysis has experienced a fluctuating movement in the last few days. However, with the volatility decreasing. Moreover, as the volatility closes, it makes the value of the cryptocurrency less vulnerable to change. As a result, the upper limit of the Bollinger’s band rests at $46.3, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $37.7, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing over the Moving Average curve, displaying bullish momentum. However, the support and resistance are closing in, indicating decreasing volatility with massive chances of maintaining a positive trend. However, the price moves downwards towards decreasing characteristics.

image 134
SOL/USD 1-day price chart Source: TradingView

The Relative Strength Index (RSI) score appears to be 56, showing the cryptocurrency’s stability. It falls in the central neutral region, just shying away from the inflation region. However, the RSI score follows a downward movement signifying a decreasing market and gestures toward declining dynamics. The increasing RSI score indicates selling activity exceeds the buying activity.

Solana Price Analysis Conclusion

Solana price analysis shows bearish momentum and further bearish opportunities. Moreover, the bears have shown their deterrence and might take control of the market soon for the long term as the market shows massive signs of any change. Therefore, according to this analysis, Solana is expected to have a bleak future, with the bears taking the bulls completely out of the picture.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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