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Solana price analysis: SOL falls back to $14.00, further downside ahead

Solana price analysis

TL;DR Breakdown

  • Solana price analysis suggests a downwards movement to $12.00
  • The closest support level lies at $14.00 and below that at $14.00
  • SOL faces resistance at the $15.74 mark

The Solana price analysis shows that the price action finds resistance at the $15.00 mark and has fallen back to the $14.00 mark as the bulls and the bears struggle for market dominance. 

The broader cryptocurrency market observed a positive market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include ETH and BTC, recording a 6.37 and a 5.21 percent incline, respectively.

Solana price analysis: SOL returns to $14.00

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Technical indicators for SOL/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as expressed in the low height of the histogram. The MACD has been showing low bullish momentum for the last 48-hours as the price traded around the $15.00 level.

The EMAs are currently trading below the mean position as net price movement over the last ten days remains bearish. However, as the two EMAs move upwards. The indicator suggests net buying activity in the markets. On the other hand, the 12-EMA is maintaining its distance from the 26-EMA suggesting that bullish momentum is not increasing or decreasing in recent hours. 

The RSI was trading near the oversold region yesterday as the index dropped to the 30.00 index unit level. Since then, the indicator moved back up towards the neutral region and climbed to the 40.00 index unit level issuing no signals. Currently, the indicator is trading horizontally suggesting lack of pressure from either side. At the same time, the low position of the index suggests slight bearish momentum.  

The Bollinger Bands are converging recently as the price action stabilizes around the $14.00 mark. At press time, the indicator’s bottom line provides support at $12.88while the upper limit presents a resistance level at $15.74. 

Technical analyses for SOL/USDT 

Overall, the 4-hour Solana price analysis issues a buy signal, with 13 of the 26 major technical indicators supporting the bears. On the other hand, only four of the indicators support the bulls showing a low bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Solana price analysis shares this sentiment and also issues a sell signal with 15 indicators suggesting a downward movement against only five indicator suggesting an upwards movement. The analysis shows strong bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the same timeframe. Meanwhile, six indicators remain neutral and do not issue any signals at press time.

What to expect from Solana price analysis?

image 252
4-hour price chart by Tradingview

The Solana price analysis shows that after observing a sharp price drop to the $12.37 mark, SOL was able to defend the support level and the price started to recover. Currently, the bulls are trying to hold the $14.00 support level while the bears hold firm around the $16.00 mark.

Traders should expect SOL to move downwards towards the key support level at the $12.00 mark.The suggestion is reinforced by both the 4 and the 24-hour charts showing strong bearish dominance. However, further downwards movement is unlikely and the price can be expected to bounce back towards the $115.00 level. 

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Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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