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Solana price analysis: SOL consolidates around the $13.0 level, what’s next for SOL?

Solana price analysis

TL;DR Breakdown

  • The Solana price analysis shows a bearish market sentiment for today.
  • Solana has been trading in a sideways trend for the last few days
  • Bears seem to have the upper hand, with strong resistance at $14.5

Solana price analysis for today reveals Solana’s price is in a slight downward momentum after a period of sideways trading in the last few days. Earlier, the market followed the bullish trend yesterday as the coin started to recover, but after recovering up to $13.98, 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 $13.60 where it is currently trading at the moment.

Solana cryptocurrency has maintained strong support at $12.5 which the bulls have defended in the last seven days whereby the prices might bounce back if the bulls regain some momentum. Solana’s trading volume is currently at $183,595,580 as the altcoin has traded in a narrow range for the last 24 hours. Solana has recorded a daily low of $13.54 and a daily high of $13.98 which shows Solana has witnessed low volatility in the last 24 hours.

Solana price analysis on  a daily chart: Bears dominate as SOL consolidates around the $13.0 level

Solana price analysis on a daily timeframe indicates the bears have been in control for the most part of the day, with a firm resistance witnessed at $14.5.The SOL/USD has been corrected since late night after the bullish recovery observed in the previous trading session. SOL/USD pair is trading hands at $13.06 at the time of writing. 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.

image 184
SOL/USD 1-day price chart, source: TradingView

However, the coin managed to gain at least 0.51 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 market volatility for SOL/USD is relatively low as evidenced by the narrow Bollinger bands as the lower band is currently residing at the $12.24 support level. The relative strength index (RSI) is also confirming the downtrend for today as it is trading at index 39.7, indicating the bearish pressure in the market as the curve is very slightly downwards. The technical indicator MACD shows a bearish crossover as the MACD line (blue) crosses below the signal line.

Solana price analysis on a 4-hour price chart: SOL prices decline to $13.60 as bearish momentum builds up

On the 4-hour Solana price analysis, the market looks bearish as prices have declined from highs near $13.98. The market is currently trading at $13.6 and is facing immediate resistance at $14.5.The market has faced a strong sell-off and the prices have not been able to find any buyers at higher levels. 

image 183
SOL/USD 4-hour price chart, source: TradingView

The Moving Average Convergence Divergence (MACD) shows a bearish crossover as the MACD line (blue) crosses below the signal line. The RSI for SOL is currently below 50 which indicates that the market is bearish. The Bollinger band is below the 50 level which indicates that the market is oversold.

Solana price analysis conclusion

Solana price analysis shows that the market is in a bearish phase and the prices are likely to continue lower in the near term. The key support levels to watch out for are $12.04. If these levels are breached, it could lead to further downside. The technical indicators are also giving bearish signals, which indicates that the prices may fall further in the near term.

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.

 

 

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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