- Solana price analysis suggests brief drop to $13.00 before rising back upwards.
- The closest support level lies at $13.00 and below at $12.50
- SOL faces resistance at the $14.00 mark
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements with low volatility. Major players include NEAR and DOGE, recording a 2.90 percent and a 1.63 percent incline, respectively.
Solana price analysis: SOL rejected at $14.00
The MACD is currently bearish, as expressed in the red colour of the histogram. However, the indicator shows low momentum as it has only recently observed a bearish crossover. The dark shade suggests an increasing bearish momentum as the price falls to the $13.00 mark.
The EMAs are currently trading high above to the mean position as net price movement over the last ten days remains positive. On the other hand, the two EMAs close together showing low momentum. However, the diverging indicators suggest an increasing bearish momentum across the 4-hour charts.
The RSI briefly rose to the overbought region but has since moved back into the neutral zone as the price action was rejected at $14.00. Currently, the index is trading at the 63.38 unit level with a slight downwards slope. The indicator does not issue a signal at the moment but the slope suggests bearish pressure at the time.
The Bollinger Bands are currently wide but show convergence as the price action faces rejection at the $14.00 mark. The indicator’s bottom line provides support at $10.48 mark while the upper limit presents a resistance level at the $14.63 mark.
Technical analyses for SOL/USDT
Overall, the 4-hour Solana price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bulls . On the other hand, only two of the indicators support the bears showing strong bearish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Solana price analysis does not share this sentiment but instead shows a neutral sentiment with nine indicators on either side of the market and eight indicators sitting on the fence. The analysis shows a shift from the bearish momentum that had Solana price action in its clutches until just a few days ago. Now the daily charts are moving towards bullish support.
What to expect from Solana price analysis?
The Solana price analysis shows that after rising to the $14.00 mark, the price action failed to climb any further and was rejected at the level as the bulls were overextended. At press time, the price has fallen to $13.20 as the bears continue pushing.
Traders should expect SOL to move downwards to the $13.00 mark as the price action observes a correction for the steep bullish movement. However, further downwards movement is unlikely given the bullish mid-term technical analyses.