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Solana price analysis: SOL/USD sinks to $80.15 as bears target $78

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TL;DR Breakdown

  • Solana price analysis reveals a bearish trend
  • Bears have pulled the prices below $80.0 previous support levels
  • The current support is at $80.15 but is likely to go lower
Solana price analysis: SOL/USD sinks to $80.15 as bears target $78 1
Cryptocurrencies prices heatmap, source: Coin360

Solana price analysis for the SOL/USD pair shows that the prices have dipped to lows of $82.15. SOL prices have been trading at a range of $85.5 to $80.15 in the last 24 hours. Solana’s price analysis reveals that the bears have been in control of the market, with the prices dipping below the $85 support level. Solana is currently trading at $80.15 indicating a bearish trend.

Solana is currently ranked at a position 9 on the Coinmarketcap list, with a market cap of $26 billion. The 24-hour trading volume for Solana is $$2,421,560,639.22 while the circulating supply stands at 3.8 million coins. The bearish trend is expected to continue in the short term, with a possible break below the $80 support level.

Solana price analysis in the last 24 hours: SOL prices likely to suffer further downtrend

Solana’s price analysis in the last 24 hours reveals a firm downtrend established and no clear signs of reversal of the prices. LUNA/USD prices have slumped to a low of $80.15 in the last 24 hours and are currently consolidating at this support level. The key resistance has been seen at the $85 level, while the next key resistance stands at $88.

Solana price analysis: SOL/USD sinks to $80.15 as bears target $78 2
SOL/USD 1-day price chart, source: TradingView

The market is currently in bearish momentum, with the MACD (moving average convergence divergence) index showing a bearish crossover. The RSI (relative strength index) indicator is also indicating oversold conditions and a possible reversal in prices. However, the bullish divergence on the MACD histogram may provide some hope for the bulls in the short term.

A break below the $80 support level could see SOL/USD prices fall to the $75 support level. The market is expected to find strong support at these levels, with the major support seen at $75. A break below this support could see the prices test the $70 support level.

The market volatility of the coin is indicated to be decreasing from the 1-day chart analysis as the Bollinger bands are seen to be contracting. The price has decreased by 7.02 percent after breaking its previous low. SOL/USD pair prices over the past seven days have shown a downtrend.

Solana price analysis on the 4-hour chart: SOL/USD prices likely to find support at $80

Solana’s price analysis on the 4-hour chart shows that the prices have found support at the $80 level. The selling pressure has intensified as indicated by the RSI (relative strength index) indicator, which is currently in oversold territory.

The bearish sentiment of the market is indicated by the MACD (moving average convergence divergence) histogram, which is currently in a negative crossover. The bears have countered the bulls in the market and a break below the $80 support level could see the prices fall to the next key support at $75.

Solana price analysis: SOL/USD sinks to $80.15 as bears target $78 3
LUNA/USD 4-hour price chart, source: TradingView

The major resistance has been seen at the $85 level, while the next key resistance stands at $88. The Bollinger bands are seen to be contracting, indicating a decrease in volatility. A breakout could see the prices test the $92 resistance level.

The Chaikin money flow indicator is currently in negative territory, indicating that the sellers are in control of the market.

Solana price analysis conclusion

The bearish trend is expected to continue in the short term, with a possible break below the $80 support level according to today’s Solana price analysis. The market is expected to find strong support at these levels, with the major support seen at $75. Traders should anticipate the price to recover if support holds at $80.0 for many hours. However, if the bears manage to break below $80.0 a further sell-off to $75.00 could take place.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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