The latest Solana price analysis is showing signs of a downtrend, as the price has been following a decreasing movement for the last 24 hours. Although the cryptocurrency was under the bullish influence earlier this week, bears have taken control and dragged SOL/USD levels down to $31.19 at the time of writing. The Altcoin is currently facing resistance at $32.83 and has found support at $30.29, either of which could potentially act as a pivot point for future price movements.
Solana price analysis on a 1-day price chart: Bearish resistance results in a declining trend for SOL
The one-day Solana price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. The circumstances are turning favorable for the sellers, as the past weeks observed a constant improvement in the SOL market price. Nonetheless, a downturn in price occurred today, which is why the price has been lowered to $31.19 point with a decrease of -3.82% in the last 24 hours.
The 50 SMA and 100 SMA are both below the current SOL/USD trading price, indicating that bears have control of the market and a potential decrease in price may occur. The MACD level is currently moving into negative territory, with the signal line falling beneath the MACD line. The Relative Strength Index (RSI) score has moved down to the neutral zone at 48.82, indicating that the current trend may continue for some time before a reversal occurs.
Solana price analysis: SOL price backtracks to $31.19 as bears regain dominancy
The price is headed down according to the four hours Solana price analysis and has reached the $31.19 position. The short-term trending line is also descending as the bears have been showing control over the market for the past few hours. The last four hours have proved damaging for the cryptocurrency value as well as the price declined on a noticeable level.
The 4-hour RSI is currently heading toward the oversold zone at 42.95, indicating that the bears may have more control and a potential decrease in price may occur in the short term. The 50 SMA line is below the longer-term 100 SMA line, confirming that the path of least resistance for SOL/USD is currently downwards. The MACD line is also moving downwards, indicating a bearish market sentiment.
Solana price analysis conclusion
Overall, the Solana price analysis suggests that the cryptocurrency is currently following a downward trend and may continue to do so in the short term. However, it is important to keep an eye out for potential pivot points, such as support at $30.29 or resistance at $32.83, as these may potentially result in a reversal of a trend.
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