Solana price analysis: SOL price suffers further downtrend at $29.94

Solana price analysis

Solana price analysis for 15th October 2022 reveals that SOL opened the daily trading session at an intraday high of $30.71. There was some buying action in the market during the start of the day, and SOL surged to highs of $30.71 before bears came in to push the price down to the current trading level of $29.94. 

Solana currently ranks at position 9 with a market dominance of 2.29 percent. The trading volume currently totals $585,535,428, while the market cap is $10,721,510,545. The SOL/USD pair’s main support level is $29.66. If the price breaks below this level, it could fall to $29.40 in the short term. Resistance for SOLUSD is present at $30.71. If the price break above this level, it could start an uptrend and rise to $31.00 in the near term.

SOL/USD 1-day price chart: Price takes a downturn to $29.94 after a recent setback

The one-day Solana price analysis confirms that the ongoing downtrend is also expected to last for the next coming hours. The past few days have brought quite unfavorable circumstances for the cryptocurrency buyers, as the price underwent a sharp decline. A similar trend was observed today as well, as the price leveled down to a $29.94 low due to the bearish current. The moving average (MA) value, on the other hand, is at a relatively stable position of $31.41.

image 214
SOL/USD 1-day price chart, source: TradingView

The volatility is high as the downtrend is continuously expanding. After repositioning, the upper Bollinger band value is now $31.28, and the lower Bollinger band value has decreased to $29.88. The Relative Strength Index (RSI) graph shows a downward curve as the score has decreased up to 48.96.

SOL/USD 4- hour price chart: Bears in control as prices struggle near $29.90

The 1-day price chart for Solana price analysis shows a decrease in price as bears covered a downwards range. The SOL/USD pair is trading hands at $29.90 at the time of writing, however, support has also appeared, and the price has been improving again for the last four hours, which is a hopeful sign for the buyers. The moving average (MA) is at the $30.24 level in the 4-hour chart, but the SOL price is trading below all the moving averages, which hints at a bearish move for further gains.

image 215
SOL/USD 4-hour price chart, source: TradingView

The volatility is increasing again on the 4-hour chart, as the Bollinger bands show expansion. The increase in volatility will provide some more upwards space to the price function as it is trading near the upper band. The RSI has already been trading in the overbought zone, at index 37.62, and if the buying continues, then it may improve further in the overbought region before giving a sell call.

Solana price analysis conclusion

Overall, Solana price analysis is indicating bearish signs for the cryptocurrency as overall, the crypto market is bearish today. Investors should wait for the prices to stabilize before making any further moves. The Bulls and Bears are presently locked in a tug of war and it remains to be seen who will emerge victorious. The daily and four-hour chart is presently providing a bearish outlook for the coin and if the prices close below $30.71, it might result in a further decline.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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