Solana price analysis: Bears drag SOL down to $20.71 as a strong selloff takes place

Solana price analysis

TL;DR Breakdown

  • Solana price analysis shows a bearish trend
  • SOL/USD is facing resistance at $22.54
  • Support is present at $20.20

The Solana price analysis is bearish today. The price has reduced significantly as bears gained control of the market. The selling pressure plunged the price from $22.00 down to $20.71. The SOL/USD is trading hands at $20.71 at the time of writing. The 24-hour trading volume has decreased to $842 million, while the market cap stands at $7.74 billion.

The last week proved extremely rewarding for the SOL/USD as the bullish momentum was yielding high profits for traders, as the price was rising continuously. Though today’s SOL/USD price is down by 8.20 percent, SOL is still on the list of top-performing coins.

SOL/USD 1-day price chart: Price declines as bears takeover

The 1-day price chart for Solana price analysis shows selling pressure is present in the market. Today’s downfall has already balanced out the gains of the last two days as the market shows negative sentiment for the SOL/USD pair. The next support is present at $20.20, which may provide support to the declining price.

The MACD indicator is still supporting the bearish side as the histogram is red in color and the price is still below the average of the past few days, but the size of histogram bars has not decreased today, as the price failed to climb above $22.00, if the price maintains below the current level, the MACD will also remain bearish.

image 185
SOL/USD 1-day price chart. Source: TradingView

The relative strength index (RSI) is at the center of the neutral zone at the 56.88 index, but the RSI is on a downward slope, which indicates a selling activity on the rise in SOL/USD market. The indicator shows a selling activity but is overall neutral and does not show a strong sell signal. The moving average indicator is showing bearish sentiment as the price is trading below the current price level.

Solana price analysis: Downtrend continues as bears remain in control

The Solana price analysis is bearish today and the downward trend has not stopped yet. Bears seem to have taken a strong grip on the SOL/USD market, taking it further down to the support level at $20.20. If the support fails to hold the price, then it is expected to go further down. The market was on an uptrend in the last few days, but today’s bearish wave pattern has taken control of the market.

image 184
SOL/USD 4-hour price chart. Source: TradingView

The 4-hour moving average indicator has also changed its direction as the price has gone downwards to $21.32, indicating bearish activity in the market. The moving average converges divergence (MACD) indicator is still in the bearish zone, supporting a selloff and further decline in the price. The MACD line and signal line have also crossed over, indicating a bearish crossover.

The relative strength index (RSI) is currently in the oversold zone at 35.17. The RSI has not shown any major changes today, showing that the momentum of selling activity could soon increase if the support fails to hold the price.

Solana price analysis conclusion

Overall, the Solana price analysis shows that bears are in control of this market and the downtrend is expected to continue in the short term. The next support levels are $20.20 and $19.60, which may provide some support to the price. A break above the resistance of $22.54 is also needed for a bounceback in the market as bulls need to gain control of this market for any major recovery in SOL/USD.

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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