The Solana price analysis is bearish as it shows the selling pressure is still there from the bearish side. Earlier, the market followed the bullish trend yesterday as the coin started to recover, but after recovering up to $32.2, the selling pressure returned, and the coin seems to be correcting again. As the trend is bearish for today, the crypto pair continues to cover the range downwards, and the price has very slightly decreased to $32. However, support is present at $31.5, and the price may bounce back if bulls gain some strength; if not, then the next support is present at the $30.6 level.
SOL/USD 1-day price chart: bears take their turn as the coin consolidates
The 1-day price chart for Solana price analysis shows bears are defining the price action for today. The SOL/USD has been corrected since the late night after the bullish recovery observed in the previous trading session. SOL/USD pair is trading hands at $32.1 at the time of reporting. If we look at the past week’s price action, the cryptocurrency seems to be in a consolidation phase following a steep decline in price levels. However, the coin managed to gain at least 3.85 percent value over the past seven days, which is not enough, but the loss has been contained. The moving average (MA) is present at $31.5 below the current price level.
The volatility for the given price chart of SOL/USD is comparatively high, but the Bollinger bands are continuing to converge, and the Upper band has traveled down to $39, representing the resistance, and the lower band is traveling up to $28 representing the strongest support for the coin, while the indicator is making an average at $33.8 above the price level. The relative strength index (RSI) is also confirming the downtrend for today as it is trading at index 39, indicating the bearish pressure in the market as the curve is very slightly downwards.
Solana price analysis: Recent developments and further technical indications
The 4-hour price chart for Solana price analysis shows that bearish momentum started at the start of the trading session, and the price breakout was also in the downwards direction today. The loss is small, but the coin is unable to recover, and the price has been decreasing slowly for the past eight hours.
The Bollinger Bands on the 4-hour chart show low volatility for the crypto pair, the upper band at the $32.2 mark and the lower band at the $30.6 mark, which represents support for the crypto pair price. However, the price is still trading near the upper band. The RSI has been the following movement downwards but is still present in the upper half of the neutral range at index 55; however, the indicator is hinting at the selling activity in the market.
Solana price analysis: Conclusion
The Solana price analysis shows that the coin is correcting today and may continue to follow a downtrend for the rest of the day as bears rule the market. The nearest support is present at $31.5, which might help in preventing the downfall. Overall the cryptocurrency is expected to trade near the current price level as the consolidation continues.
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