Solana price analysis: SOL touches $35 as the bearish drive continues

Solana price analysis: SOL touches $35 as the bearish drive continues
TL;DR Breakdown
  • The Solana price analysis is bearish today.
  • The resistance for SOL is present at $37.8.
  • Support for SOL/USD is found at $33.1.

The Solana price analysis is showing a negative trend, with the bears reigning the price charts for most of the time this week. The price levels have vividly fallen after facing rejection at $46.6 on 14 August 2022, and the coin value has lowered to the $35 range. The downfall has been of an impact, and the bearish streak has continued today as well. The downfall has expanded this time, and if we observe the previous wavy price pattern on the chart, then the current bearish wave seems to be of much greater impact bringing more loss.

SOL/USD 1-day price chart: Downtrend causes price depression up to the $35 range

The one-day Solana price analysis is showing a bearish momentum today, and the price has decreased to $9.95. During the past week, the price chart had been dominated by red candlesticks, as the bears were constantly causing the price to decrease; currently, the price has reduced to $35.1 after the coin shed another 4.60 percent during the last 24 hours. A loss of 23 percent has also been recorded during the past week, which hints at the severity of the situation. Bears have been in a dominant position since 14 August, Yet, today, the bears have made a further deficit. The trading volume also came down by 26.70 percent today.

sol 1w
SOL/USD 1-day price chart. Source: TradingView

The Moving Average (MA) is trading at $40.5 after a cross-over with SMA50, which is a strong bearish indication. The volatility has increased as well, Meanwhile, if we talk about the Bollinger bands indicators, then the upper band is at $47, representing the strongest resistance, and the lower band is at $34.5, representing the strongest support, whereas the price has reached near this particular support zone. The Relative Strength Index (RSI) score is also on a downtrend, and it has decreased to index 36 on the 1-day price chart, hinting at the selling activity.

Solana price analysis: Recent developments and further technical indications

The hourly Solana price analysis shows the bulls ruled the price function most of the time for today’s trading session, yet bears caused a sudden drop in price today after a short period of bullish efforts. The bearish momentum has been able to rule out any bullish activity. However, the price has been recorded to recover a bit at the end of the previous trading session.

SOL 4f
SOL/USD 4-hours price chart. Source: TradingView

The volatility is on the higher side on the 4-hour chart as the Bollinger bands are resting at an average of $37, which is above the current price level, whereas its upper band is present at the $42 level, and the lower band is at $33.1 of level. The RSI score is quite low because of the bearish downtrend, and the indicator is trading at index 30.55 and is about to enter the undersold region soon.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis indicates a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain a high momentum and have succeeded in causing a decline in the price to the $35 range. Further damage can also be expected if the selling pressure continues.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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