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Solana price analysis: SOL faces rejection at $23.60 after a bearish strike

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today
  • Solana price analysis is currently at the $21.90 mark
  • Support for SOL/USD is present at $20.69

Solana price analysis is showing signs of bearish activity, as the bears have returned back to the price charts. After spiking high earlier, the price went down during the last few hours, but the bulls also managed to escape the bearish pressure at some points. However, the trend is in favor of bears today as a deficit in price has been recorded, and the price has lowered up to $21.90 at the time of writing.

The market opened trading in the bullish territory today, but the price did not hold on to the gains and dropped after a bearish strike at $23.60. The bears then took control of the market and pushed the prices down further, which is why we can see them struggling to break out of the current range.

SOL/USD 1-day price chart: Price levels stumbling again

The one-day Solana price analysis shows a decrease in the coin value after the bearish return. Although the past week hindered bullish price movement, as the SOL/USD has been at a loss of 5.67 percent over the last seven days, the situation has been the same today. There is strong resistance at $23.60, which has been a barrier to further bullish price movement for the last few days of trading. While support for the coin is found at around $20.69, the market analysts are expecting that more bearish pressure may put this level under siege as well, possibly pushing prices down even lower.

image 366
SOL/USD 1-day price chart. Source: TradingView

The Moving average indicators also show a strong bearish return, while the RSI is also on the verge of dropping below the 70 level. Overall, it seems like the bears are gaining strength in the market and this could result in further price depreciation in the near future. The MACD is also on a negative trend, which signals that more selling pressure is likely to occur in the market. However, despite all these signs of bearish activity, there are some factors that may still provide some hope for traders and investors alike.

Solana price analysis: Recent developments and further technical indications

The four-hour Solana price analysis confirms the downtrend for today. The price has gone through a steady decline at today’s trading session, after which the bulls tried to make a comeback but were rejected soon, and the price has been recorded stumbling down again in the last four hours as well. At the same time, the price oscillation has been slow since late at night, which is confirmed by the size of the last two candlesticks, which are quite small. Moreover, the moving average value for the four hours price chart is now settled at $22.90.

image 367
SOL/USD 4-hour price chart. Source: TradingView

The MACD indicator on the 4-hour price charts is showing a strong bearish trend, which indicates that the price drop may continue for some more time, as the signal line is also falling further. However, the Stochastic indicator shows a possible reversal for the market as it has moved out of the oversold regions and is now in neutral territory.

Solana price analysis conclusion

Solana price analysis concludes that the SOL/USD is dictating a decrease in price up to $21.90. The bullish momentum has subsided, as now the bears are leading the game. The bearish momentum is aggravating, and the support present at $20.69 is still quite low compared to the current price level. However, SOL/USD price may observe a slight reversal at the said support zone.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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