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Solana price analysis: SOL drops to $20.67 after a bearish pressure

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bearish currently, as SOL dropped to $20.67
  • Resistance to the cryptocurrency is present at $23.48
  • Support for SOL/USD is present at $20.53

Solana price analysis is in a bearish direction today. The bears have been dominating as the price has again decreased to $20.67. The bearish trend had cast quite negative effects on the cryptocurrency’s value as the larger trend has been bearish for a long time. Yesterday bulls have taken a step to counter the loss, but bears have taken the lead back again today. Further degradation in price is also expected.

At the moment, resistance to SOL/USD pair is present at $23.48 while support is present at $20.53. If the bulls are able to take the price above the resistance level, then we could expect a surge in prices and thus a bullish trend would follow. The overall sentiment seems bearish right now as most of the technical indicators point towards a bearish trend.

image 391
Cryptocurrencies price heat map, Source: Coin 360

Most of the cryptocurrencies are showing a bearish trend today and this is having an immense impact on the value of Solana. The top cryptocurrencies are all in red, with Bitcoin and Ethereum both trading lower. The overall sentiment in the market is negative today. Therefore, we can conclude that Solana price analysis is bearish currently and further losses are expected.

Solana price analysis 1-day price chart: Bears leading the price function

The 1-day price chart for Solana price analysis shows bears are leading the charts for today as the bears have been able to make a breakthrough after the bullish trend of yesterday, and as a result, the price is going down again, and the coin is trading at $20.67 at the time of writing. The bearish trend has been strengthening for the past few weeks, and the moving average (MA) has come down to $20.75.

image 392
SOL/USD 24-hour price chart, source: TradingView

The Bollinger bands show high volatility as they expand and cover more areas. The upper band has reached $25.53 and the lower band has reached $20.53. The relative strength index (RSI) stands at 71.61, which confirms that the coin is in a bearish zone.

Solana price analysis 4-hour price chart: Bears are dominating the market

The 4-hour price chart for Solana price analysis shows the bearish are dominating the market as the bears have been able to make a strong breakthrough after the bulls were able to push the prices up slightly yesterday. The coin is trading at $20.67, and it’s clear that bearish pressure has continued for the past few hours today.

image 393
SOL/USD 4-hour price chart, source: TradingView

The MA is located at $21.62, and the Bollinger bands have expanded and covered more areas, with the upper band located at $24.53 and the lower band at $20.58. The RSI stands at 50.90, which indicates that the coin is in a bearish zone.

Solana price analysis conclusion

To conclude, Solana’s price analysis shows the coin is under high bearish pressure, and it is trading at $20.67. The 1-day and 4-hour charts both show that the bears have taken over the market and are leading the price function. Additionally, technical indicators are showing that the coin is in a bearish zone. Therefore, it is advised to watch out for further losses as the price could continue dropping if no bullish pressure appears in the market soon.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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