Solana price analysis: SOL price stoops to $13.35 low after a bearish slope

Solana price analysis

TL;DR Breakdown

  • Solana price analysis shows a downtrend
  • Support for SOL/USD is still fixed at $13.30 extreme
  • The resistance level for SOL is present at $13.79

The latest Solana price analysis shows a strong downtrend for the cryptocurrency today, as the coin value underwent a noticeable reduction. The ongoing decreasing trend has lowered the cryptocurrency value to a $13.35 low. Although the bulls dominated the market in the last 4-hours, the bears are now trying to secure the winning position for now. It is expected that the bearish trend will aggravate further in the upcoming hours.

SOL/USD 1-day price chart: Coin value demotes to $13.35 after bearish rush

The daily Solana price analysis shows a downward trend for the market, as strong selling pressure was observed during the day. The price curve shows a downward slope due to the ongoing bearish wave. Red candlesticks are marking bearish supremacy, and the price moved down to a $13.35 low in the past 24 hours. Although the bulls controlled the market earlier, the current trend is relatively bearish.

image 318
SOL/USD 1-day price chart Source: TradingView

The price is still higher than the moving average (MA) value, which is a bullish sign for now. However, the stochastic RSI indicator is in the oversold zone and shows that downward momentum might continue in the near future. Additionally, the MACD line is still sloping downwards, indicating selling pressure will intensify soon.

Solana price analysis: Bearish wave continues as price further downgrades to $13.35

The hourly Solana price analysis shows that the bears are again occupying the leading position on the hourly price chart, as the price followed a downward movement in the past four hours. Although there have been constant variations in the price trends over the past few hours, the bears are currently winning the game.

image 317
SOL/USD 4-hour price chart Source: TradingView

The coin value has been devalued to $13.35 as the bears have made a successful comeback. However, the moving average value is at a much greater height, i.e., $13.76. The MACD line has moved below the signal line, which indicates that bearish momentum will prevail in the near future. Moreover, the stochastic RSI is at $41.28 which indicates that selling pressure is likely to continue soon.

Solana price analysis conclusion

The one-day and four-hour Solana price analysis confirms a decreasing trend for cryptocurrency. The bears have made a strong comeback, as the price levels receded to a $13.35 low. Moreover, the hourly price prediction indicates similar price trends, as red candlesticks seem to dominate the price chart, marking a sharp 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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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