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Solana price analysis: SOL drops by 5% after bearish run

Solana price analysis: SOL drops by 5% after bearish run
TL;DR Breakdown
  • Solana price analysis is bearish today.
  • The strongest resistance is present at $46.2.
  • The strongest support is present at $40.

Solana price analysis shows rising signs as the market shows upside potential. However, the bears have obtained 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 positive period to take over in the next few days. As a result, the bears will do everything they can to maintain control. Moreover, the SOL price has experienced increasing dynamics in the last few hours.

The market shows the price of Solana crashed yesterday to the $40 mark and further increased to $41.6. Solana continues a positive movement. Moreover, the next day, Solana prices crashed and reached $40.3. SOL currently trades at $40.9; SOL has been down 5.16% in the last 24 hours with a trading volume of $1,279,712,164 and a live market cap of $14,266,162,874. 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 bullish potential as the price moves upwards. Moreover, the market’s volatility follows an increasing movement, making the cryptocurrency more susceptible to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $45.9, serving as the strongest resistance point for SOL. Conversely, the lower limit of the Bollinger’s band is present at $40, 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 increasing volatility today, the Solana price has more room to preserve the negative trend; however, that also means that the cryptocurrency has more room to move to the positive side. In addition, the SOL/USD price seems to move upward, signifying an increasing market with consistent dynamics.

image 163
SOL/USD 4-hour price chart Source: TradingView

Solana price analysis reveals that the Relative Strength Index (RSI) score is 36 making the cryptocurrency enter the devaluation region. Furthermore, the RSI score moves 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 increasing. Moreover, as the volatility opens, it makes the value of the cryptocurrency more vulnerable to change. As a result, the upper limit of the Bollinger’s band rests at $46.2, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $37.6, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. However, the support and resistance are opening up, indicating increasing volatility with massive chances of obtaining a positive trend. However, the price moves upwards towards increasing characteristics.

image 164
SOL/USD 1-day price chart Source: TradingView

The Relative Strength Index (RSI) score appears to be 48, showing the cryptocurrency’s stability. It falls in the central neutral region. However, the RSI score follows an upward movement signifying an increasing market and gestures toward increasing dynamics. The increasing RSI score indicates buying activity exceeds the selling activity.

Solana Price Analysis Conclusion

Solana price analysis shows bearish momentum and further bullish potential. Moreover, the bulls 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 bright future, with the bulls taking the bears 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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