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.
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
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?
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.
