TL;DR Breakdown
- Solana price analysis is bearish today.
- Strong resistance present at $182
- Solana trading price is $143
Today, the Solana analysis is bearish because we expect the weary bulls to continue battling for control of the market. On the other hand, the bears will be in power and control for a while. Solana price fell suddenly by 2.71%, from $148 to $143. With a $1,357 million trading volume, Solana has plummeted 2.71 percent in the past 24 hours.
Today, the bears are taking over because they have broken through key resistance zones that give them momentum to advance into tomorrow. However, if there is no significant market movement for tomorrow’s session, we expect the bulls to return and establish control of this market again next week. This can be seen in how the bulls took over yesterday’s market after the crypto coin dipped lower than it had been for seven days at one point during yesterday’s session.
Over the past seven days, Solana has climbed by 1.45%. At $148, its lowest point during this period, it was higher than its market high of $250 since January 10th. The crypto coin is still trying hard to register a fresh high because it keeps hitting resistance at $177 and falling back toward support at $152 every time it hits the latter’s price level. Also worth noting is how strong resistance is present at $182, making another attempt to break above that level in this bearish territory difficult-to-impossible for bulls right now. This would be bad news for bulls who can’t even take advantage of low prices in the bearish territory to accumulate coins at low prices.
If the bulls take back control of this market in bullish territory, they will find resistance at $232 and support at the $202 price region. Over the week, Solana is expected to be unchanged if it falls by 2.71%. On the other hand, it’s expected to rise slightly if it climbs by 1.45% in bearish territory. The crypto coin is currently trading flatly because its trading range for today has been $143 to $152.
Solana Price Analysis for 24-hours: SOL/USD on the brink of devaluation
The opening bell for this session rang with an immediate surge in prices above yesterday’s high of $232 toward resistance at $250 but ending up ending flatly at $255 after one hour of trade instead without any significant follow-through from early buyers’ momentum. This is not a surprise because this month has been challenging for bulls to make decisive moves, except for January 10th where they took over the market.
Today, the bulls are making a comeback because they have broken through key resistance zones that give them momentum to advance into tomorrow. However, if there is no significant market movement for tomorrow’s session, we expect the bears to come back and establish control of this market again next week. This can be seen in how the bears took over yesterday’s market after the crypto coin dipped lower than it had been for seven days at one point during yesterday’s session.
SOL/USD 4-hour price analysis: Recent developments
The MACD indicator, at the time of this report, the signal line below zero to indicate a bearish signal.
The bulls are now in control again thanks to the more substantial buying pressure they generate after failing to take advantage of low prices in the bearish territory to accumulate coins cheaply on January 15th and 17th, when the digital asset ended up closing flatly.
SOL/USD 4-hour price chart source: Trading view
The Relative Strength Index (RSI) is a vital indicator that assesses the speed and pattern of price fluctuations. Its value ranges from zero to one hundred, with higher readings indicating overbought or oversold conditions.
Solana Price Analysis: Conclusion
Solana price analysis remains bearish as the volatility remains dormant, resulting in a newly bearish movement in the next few days. However, the direction is not likely to change under normal circumstances. The bears have taken the market elegantly, and as the resistance declines, the bears will have every opportunity to get the price lower.
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.
