Solana price analysis: Can bulls defend the $24.00 support level?

Solana price analysis

TL;DR Breakdown

  • Solana price analysis suggests sideways movement above $24.00
  • SOL faces resistance at the $26.00 level
  • The closest support level lies at the $24.00 mark

The Solana price analysis shows that the SOL price action has fallen back to the $24.00 mark as the bearish pressure increases.

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include BIT and AVAX, recording a 7.91 and a 3.75 percent incline, respectively. 

Solana price analysis: SOL falls back to $24.00

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Technical indicators for SOL/USDT by Tradingview

The MACD is currently bearish, as expressed in the red colour of the histogram. However, the indicator shows low bearish momentum as observed in the low depth of the indicator. On the other hand, the darker shade suggests an increasing bearish pressure as the price approaches the $24.00 support level.

The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Moreover, the EMAs trade close together showing low momentum at press time. Moreover, the diverging EMAs suggest an increasing bearish pressure for the asset.

The RSI briefly rose to the overbought region but has since gone down toward the mean line as the bullish momentum slowed down. At press time, the indicator has retreated close to the mean line at the 51.85 index unit level showing low momentum on either side of the marker. On the other hand, the downward slope suggests a bearish pressure at the current price level. 

The Bollinger Bands are currently narrow as the price action exhibits low volatility in recent days. The indicator’s bottom line provides support at the $23.94  mark while the upper limit presents a resistance level at the $25.52 mark.

Technical analyses for SOL/USDT

Overall, the 4-hour Solana price analysis issues a buy signal, with 10 of the 26 major technical indicators supporting the bulls. On the other hand, seven of the indicators support the bears showing low bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Solana price analysis shares this sentiment and also issues a buy signal with 12 indicators suggesting an upwards movement against four suggesting a downward movement. The analysis shows strong bearish dominance across the mid-term charts with significant bullish resistance persisting. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time. 

What to expect from Solana price analysis?

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4-hour price chart by Tradingview

The Solana price analysis shows that the Solana market is enjoying a strong bullish rally as the price rose from $14.00 to the current $24.00 in the last 15 days. Currently, the price is facing strong bearish pressure at this level as the price action was rejected at the $26.00 mark and falls back towards the $24.00 mark.

Traders should expect SOL to move down to the $24.00 support level but any further downward movement is unlikely given the positive market sentiment. This suggestion is reinforced by the mid-term charts that support the bulls but show increases in bearish pressure across the short-term charts. As such, SOL can be expected to move sideways above the $24.00 mark

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 decision.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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