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Solana price analysis: Bearish trend pulls SOL to $34.5 low

Solana price analysis: Bearish trend pulls SOL to $34.5 low
TL;DR Breakdown
  • The Solana price analysis shows a bearish trend today.
  • The resistance for SOL is present at $36.3.
  • Support for SOL/USD is found at $33.5.

The Solana price analysis is directing that the cryptocurrency has undergone loss once again during the last 24 hours. That is because the bears are once again powering through after a small bullish interruption. The bears have caused a decrease in the price up to the $34.5 level and have been able to retain their position as the leading party. More sellers are causing the price to downgrade further and have defeated the buyers in their attempt at revival.

SOL/USD 1-day price chart: Bears overcome Bullish efforts to stimulate a downward trend

The one-day Solana price analysis is dictating that a drop in the SOL price value has taken place today. There has been a short bullish interval observed on 21 August 2022 as well, as a green candlestick was seen in between highly bearish days. The bears have been mostly at the lead throughout, and they are still succeeding in maintaining it as the price has gone down to $34.5 at the moment.

The Moving Average (MA) is standing close to the current price as well as it is at the $0.261 level. The coin reports a loss of 2.77 percent over the last 24 hours and a loss of 19.91 percent over the past week.

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

The volatility, on the other hand, is increasing, which is also a negative indication for the Solana future. The higher and lower values of the Bollinger bands are settled at the following points; the upper value is at $47.4, while the lower value is at $33.5. The Relative Strength Index score is present at the lower neutral level of 36 at the time of writing, as its downwards curve hints at the selling activity in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows that the price is going down again after a brief escape. The bears are pulling down the price levels, and currently, they have reached the $34.5 level. The moving average is still above the current price, i.e., at $35.1, because of the bearish trend that followed in the past weeks. The short-term trending line is once again traveling downwards, which is a major bearish signal.

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

As the volatility is mild, the upper Bollinger band value is at the $37 value, whereas the lower Bollinger band value has moved down to the $34 level. The RSI graph is also showing downward movement, as the score has gone close to the under-bought value as it is 35 for now.

Solana price analysis: Conclusion

The given daily and hourly Solana price analysis is reporting that a bearish activity has occurred today as well. The price levels have moved down to $34.5, which has been a significant loss for cryptocurrency’s market value. Although the bulls tried to make a comeback in the past few hours, their efforts have gone in vain as the price has experienced a decline today. Price levels can be preserved only if the support is retained at the $33.5 level.

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.
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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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