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Solana price analysis: Will SOL/USD retest $11.1 and break lower soon?

Solana price analysis: SOL recovers to the $13 range as support appears

TL;DR Breakdown

  • Today’s Solana price analysis was bearish
  • Solana is showing slight recovery in the smaller time frames
  • The larger time frames are not giving positive indications
  • Solana’s price may fall further in the next 24 hours

Solana price analysis remained bearish today, as was expected considering the overall market’s conditions. Recently, the bearish sentiment has been very high in the overall crypto market, which caused the market cap to reduce across multiple major coins.

While Solana’s market did not remain extremely bearish, it failed to retrace and is currently getting ready to retest the support at $11.1. Will it test and dip lower in the next 24 hours? Well, that is very much possible.

1-day Solana price analysis
Solana Price Chart by TradingView

The 1-day Solana price analysis shows us that the next major support is around $11.1 while a new resistance was set at $14.9 recently. Over the past few days, Solana has been trading within this range. Based on indications given by the MACD indicator, it appears that the market is losing its positive momentum even further. So, Solana is very much likely to dip lower in the coming few days.

24-hour Solana price analysis

1-hour Solana price analysis
Solana Price Chart by TradingView

Solana did not particularly remain extremely volatile in the last 24 hours. However, it did find some support at $11.68. However, the rebound was not massive, and the market still remains bearish. So in the next 24 hours, Solana might retest $11.1 and break lower.

On the MACD indicator, the lines are close to reaching a crossover. So in the smaller time frames, Solana can show slight recoveries. However, it would not be reasonable to expect a full reversal until the overall sentiment in the market improves.

4-hour Solana price analysis: Is Solana further headed to the downside?

4-hour Solana price analysis
Solana Price Chart by TradingView

On the 4-hour Solana price analysis chart, we can see that SOL/USD remained very bearish for multiple intervals. However, just recently, the bulls found some support. But the momentum is still not high enough to cause any significant recovery

Solana price analysis: Conclusion

Overall, the market still continues with its negative sentiments and Solana price analysis remains bearish. However, as the day nears its end, we are seeing slight recovery. It will take a lot more for the bulls to cause a complete reversal. For now, it appears that Solana is further headed to the downside and hence, it is not a good time for investors to make an entry into Solana.

If you are a long-term investor, you would want to DCA (dollar-cost-average) your position over different time frames. Take a look at our detailed Solana price prediction for more information on Solana’s long-term outlook.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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