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Solana price analysis: SOL at $36.1. Has the consolidation begun?

Solana price analysis: SOL at $36.1. Has the consolidation begun?
TL;DR Breakdown
  • The Solana price analysis is bearish today.
  • The resistance for SOL is present at $39.5.
  • Support for SOL/USD is found at $34.2.

According to the current Solana price analysis, the bears have made a comeback. The selling pressure has stopped the recovery process initiated yesterday; so far, the price is trading in the neagative direction at $36.1. As the sellers have been active, a constant downswing has been following the market for the past week. Earlier, there have been bullish intervals where the market followed an increasing trend, but for the last week, the overall lead has been for the bears. But now, the coin seems to be in the consolidation phase, as the bears returned after one day of bullish activity.

SOL/USD 1-day price chart: Bears fight bulls after a short recovery

The one-day Solana price analysis confirms that the price is on the decreasing side for today. Chances of recovery have been postponed as of now, and the bears are dominating the price charts as more selling activity is taking place. The price has decreased to $36.1, and overall the cryptocurrency lost around 19.35 percent value during the past week. The moving average (MA) value is trading at $39.4 after crossing below the SMA 50 curve.

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

As the price has been undergoing a continuous decline for the past week, the Bollinger Bands have started to expand, and their average has been maintained at $40.6. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $47, representing the strongest resistance, while its lower back is at $34.3, representing the support. The Relative Strength Index (RSI) score is now 39 after today’s deficit, but the indicator does not show any clear signs due to the consolidation.

Solana price analysis: Recent developments and further technical indications

The four hours Solana price analysis predicts a bearish trend as a slight decline in SOL/USD market value has been detected. However, the latest development has been in the bullish direction as the support has appeared again. The price is now settling down at $36.1 as a result of the latest bullish efforts. The short-term trending line is still moving ascendingly due to the uptrend of yesterday. At the same time, the moving average value at present is $35.88 below the SMA 50.

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

The volatility is on the lower side in the 4-hour chart, which means there is a high probability that the coin price will consolidate in the coming days. The upper end of the Bollinger Bands Indicator is at $37.8, whereas its lower back is at $34.6. The RSI score is now 39, which is in the lower neutral range, and the indicator’s flat travel hints at a competition between bulls and bears.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis predicts a downtrend for the day as the price follows a decreasing movement. Red candlesticks are marking a loss for the bulls as the price has decreased to $36.1. In the upcoming weeks, we can expect a rise in buying momentum if the current consolidation takes an upwards breakout.

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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