The recent Solana price analysis indicates a bearish market as the rate has dropped once again. The price has been trapped in a descending wedge as it failed to break out of the upper line. This could indicate that the price is likely to continue its downward trend in the near future. The support level is set at $19.23, while the resistance level has been established at $22.07. Although the bulls were in control of the market yesterday, they were unable to push the price above the resistance level. Therefore, the bears took advantage of this and dragged the price lower to $19.30 for the last 24 hours.
Solana price analysis 4-hour chart: Recent updates
Looking at the 4-hour Solana price analysis, we can see that the price is trading near the support level of $19.23. The SOL/USD pair is trading hands at $19.30 at the time of writing. As the bears are leading the price function, the SOL shows a decrease in value of 12.16 percent over the last 24 hours. This could mean that the selling pressure is high and may continue to push the price lower toward $19.25 in the upcoming days.Â
The RSI has been hovering around 58.69, which shows that neither bulls nor bears have the upper hand at the moment. The upper Bollinger band is now at $22.08, whereas the lower Bollinger band is situated at the $18.34 level. If the downfall continues, then soon the price will travel below the lower band. Furthermore, the moving average has also dropped below both the 50-day and 200-day MA, which could indicate further downside in the near term.
SOL/USD 1-day price chart: Solana continues to fall below $19.30
The 24-hour Solana price analysis shows that the bears are in control and pushing SOL/USD lower. The support level is set at $19.23 and has been tested multiple times over the last couple of days, but the price could not remain above this level for a long. The bands of the Bollinger Bands indicator are seen to be diverging, revealing an opportunity for bears to target new lows.Â
The upper band is at $24.14, while the lower one is placed at $17.40. The RSI is trading in the oversold region, which could mean that the selling pressure is high and may continue to push the price lower toward $19.30 in the upcoming days. The 50 MA has crossed below the 200 MA, indicating that bears have taken control of the market, which could lead to further downside momentum.Â
Solana price analysis conclusion
Overall, Solana’s price analysis is expected to remain bearish on the hourly and daily charts and fall below its current level. It appears that if SOL does not break out of the descending wedge soon and go above $22.07, then more losses are expected in the near future. The bulls will have to fight hard to break out of the descending wedge and then push the price above $22.07 to gain control of the market again. If they fail to do this, then we can expect a further decline in prices in the near future. Therefore, investors should exercise caution while making their trading decisions.
