Solana price analysis for today shows a bearish in the market as the price of the digital asset drops to $22.81 from its previous day’s high of $23.08. Bears have taken control and are currently pushing the price lower, breaking through immediate support levels. The selling pressure has pushed the price down to its next support level at $22.24. In order for the bulls to take back control, they will need to break through immediate resistance at $23.89. If this is achieved, then it would indicate a shift in the trend and signal new buying momentum which could lift SOL/USD higher. However, until then, the bears remain in control.
Most of the cryptocurrencies today are in red, with Bitcoin, Ethereum, and some other top altcoins trading lower today. This points to a general weak sentiment in the market, which is likely contributing to the bearish pressure on Solana. Additionally, the overall sluggishness of the crypto markets could be another factor that is causing traders to hesitate from buying SOL at current levels.
Solana price analysis 1-day price chart: SOL price decreased to the $22.81 mark
The 1-day price chart for Solana price analysis shows that the bears are in control and have been pushing the price lower since the start of today’s session. The price is currently trading at $22.81, which is a decrease of 3.25% from its previous day. This indicates that the bears are in full control and could push the price even lower if they continue to apply pressure. That said if buyers can come back to drive prices higher, then the bulls could regain control and push Solana’s price higher. The RSI is in the oversold zone, indicating that there is a potential for short-term reversal.
The current level of $22.81 is below both the 50-day and 200-day simple moving averages, indicating that a further downside correction could be likely in the near term. The moving average (MA) value in the 1-day price chart is standing at $23.82, and it is expected to continue providing resistance for a possible bounce-back in the price. The MACD indicator also shows bearishness as it has moved into the bearish zone with a negative sign at 24 hours time frame. The histogram value also stays in the red region indicating that sellers are still in control.
Solana price analysis: What to expect?
The 4-hour chart for Solana price analysis shows that the bears are still in control of the market, as prices continue to slide down. The bulls were in control of the market the previous day, but the bears have taken control and are currently pushing prices lower. The next coming hour will be crucial, as a further downside correction could be likely if the sellers maintain their pressure.
The 4-hour relative strength index (RSI) is currently in the oversold zone, indicating that a short-term reversal could be possible. The RSI value is standing at 45.23, and it has to break past the 50-mark for a possible bullish momentum. The moving average convergence divergence (MACD) indicator is also in the bearish zone with a negative value of -2163. The moving average is at $23.26, and it is expected to provide resistance for a possible bounce back.
Solana price analysis conclusion
Overall, the current bearish trend in Solana price analysis is likely to continue if buyers don’t come back soon. The next support level lies at $22.24 and any break below this could push the price even lower. The bulls will have to break past the immediate resistance of $23.89 to take control of the market and push prices higher. Until then, it is likely that the bearish momentum will continue in Solana price analysis.
