Solana price analysis: SOL retraces to $16.18 as bears intervene

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today
  • SOL/USD retests support at $15.71
  • Solana prices have seen resistance at $17.36

Solana price analysis shows bearish price movement today. A decrease in price has been observed as the coin failed to get support, and bears continue their endeavor for the most of hours today. The SOL/USD has been downwards for the last 18 hours, as bears ruled the broader crypto market along with SOL, which went through an extreme loss. SOL suffered considerable damage as the price has sunken down to $16.18 after following the most recent downtrend. As the bears are making progress now, the next support for SOL is present at the $15.71 level.

SOL/USD 1-day price chart: Solana is progressively declining

The 1-day Solana price analysis shows a price drop today as selling pressure triggered again. After a significant decrease in SOL/USD pair price for the past four hours, Currently, the bears are continuing their lead, and the crypto pair is now trading at $16.18 at the time of writing. SOL shows a 1.02 percent loss of value during the last 24 hours, but it still shows an increase in value of around 29.50 percent over the past week, which will soon turn negative in the coming hours.

image 193
SOL/USD 24-hour price chart, source: TradingView

The 9-day and 21-day moving averages are in a bearish crossover as the price falls below the 9-day EMA. The Relative Strength Index (RSI) has also fallen below the 50 level. If the price remains bearish, then a further decline toward the $15.71 level can be expected in the coming hours. The MACD is currently in the bearish zone, and it is likely to remain bearish if the price continues to decline.

Solana price analysis: Recent progressions and more specialized signals

The 4-hour price chart for Solana price analysis shows bearish progress in the last four hours as price levels continue decreasing, after the price breakout being downwards at the start of today’s trading session. Bears seem to be gaining strength as selling pressure continues to rise, and the coin hasn’t found support yet. The price function has been headed downwards for the last 18 hours as the coin is under a strong correction.

image 194
SOL/USD 4-hour price chart, source: TradingView

The exponential moving averages (EMA) are in a bearish crossover, as the 9-day EMA is below the 21-day EMA. The relative strength index (RSI) is trading in the lower half of the neutral zone on a downward curve, indicating the selling activity taking place in the market. The curve of the RSI indicator has reached an index of 71.28. The MACD has been in the bearish zone, as the signal line has been below the MACD line.

Solana price analysis conclusion

According to the Solana price analysis, the coin is heading towards a bearish trend in the short term as selling pressure continues to rise. The price has been under correction for the last 18 hours, and if the bearish persists, the coin will continue to move downwards.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

Related News

Hot Stories

Bitcoin price analysis: Bulls remain in driving seat as BTC establishes its foothold again, reaching $23,431
Ethereum price analysis: Bulls pushes ETH above at $1,600 mark after recovery from $15,565
Chainlink price analysis: LINK/USD breaks below $7.36 as bearish trend overwhelms the market
Aave price analysis: Cryptocurrency steps down at $86.03 as bearish gain traction
South Korea unveils plans to monitor cryptocurrency in 2023

Follow Us

Industry News

South Korea unveils plans to monitor cryptocurrency in 2023
Yuga Labs co-founder steps down
Core Scientific submits petition to sell over $6M in Bitmain vouchers
Sam Bank-Fried seeks access to FTX
CZ predicts a dire future for traditional institutions not embracing crypto

Add Your Heading Text Here