Solana price analysis: SOL takes a downturn to the $30 range. Is a break lower ahead?

Solana price analysis: SOL takes a downturn to the $30 range. Is a break lower ahead?
TL;DR Breakdown
  • The Solana price analysis is bearish today.
  • The resistance for SOL is present at $32.4.
  • Support for SOL/USD is found at $29.3.

The Solana price analysis is bearish as it shows the cryptocurrency has been devalued to the $30.5 limit as the bearish momentum has been revived. The price function is headed down again, and the red candlestick is marking the loss in price as the downward trend has been restored. The bulls tried to take over the market earlier yesterday as the price went through slight improvement. Yet today, the bears have been able to take their position back after causing a decline in SOL price. The bears are quite aggressive, and the bearish trend is strong enough as the correction is quite steep today.

SOL/USD 1-day price chart: SOL entrapped in a bearish trend

The one-day Solana price analysis shows that the bears have returned to the price chart as the price underwent a considerable decline during the day. The price has moved down to a $30.5 position as a loss of 3.12 percent in value has been recorded during the last 24 hours, as the bears were able to make a strong comeback today. Overall, the coin also went through degradation in the past week as it lost around 14.46 percent value over the past seven days. The market cap has also been reduced by 2.98 percent, and the trading volume decreased by 18.74 percent.

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

The price is trading below the moving average (MA) value which is standing at $32.1 for the day. The one-day price chart is also showing high volatility for the coin with the Bollinger bands indicator’s values as follows; the upper band is at $46.2, representing the resistance, and the lower band is at $26.4, representing support. The Relative Strength Index (RSI) score is also on a downwards slope, and its shows a reading of index 33, hinting at the selling activity in the market.

Solana price analysis: Recent developments and further technical indications

The four-hour Solana price analysis confirms a downward trend as the bears have been maintaining their lead quite proficiently. The price breakout was downwards, and it underwent extreme loss during the last four hours, which deteriorated the conditions further. The price has gone down to the $30.5 level in the last four hours because of bearish pressure. The moving average value in the four hours price chart is $31.6 above the price level, and a crossover between SMA 50 and SMA 20 curve has also been recorded, which is a bearish indication.

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

The SMA 50 curve is still traveling above the SMA 20 curve, which validates the downtrend. Whereas the volatility is mild on the four-hour chart, with the upper Bollinger band present at the $33 mark, while the lower Bollinger band is at the $30.4 mark, and the price is almost touching the lower band. The RSI score is on a steep downwards trend though still in the neutral zone and is present at index 38 in the lower half of the neutral zone, indicating the selling activity.

Solana price analysis: Conclusion

The given hourly and daily Solana price analysis is bearish today as we expect SOL to test further downside in the coming hours following the steep decline earlier. The bearish impulse still rules the market, and SOL is also expected to remain bearish in the coming hours.

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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