- Solana price analysis turns negative as SOL gradually loses ground.
- The price has moved down to the $12.21 support level, as SOL continues to drop.
- The bearish pressure has increased and the price is now below the $12.57 resistance level.
Solana price analysis reveals that the price has been following a downward movement today, as the bears have constantly been striving for lead. The short-term trending line shows the crypto pair is trying to maintain its price near the $12.33 psychological mark, yet it is unable to recover above the said level and is trading in the $12-13 range.
The bulls started today’s session with a bang, as the SOL price jumped up to touch the $12.57 resistance before going down again. This is a sign that buyers are trying to push the price up. However, the lack of sufficient buying pressure has caused a pullback to the $12.21 support level. The SOL/USD has a 24-hour trading volume of $143 million, with a market capitalization of over $4.51 billion.
The 24-hour Solana price analysis shows that the price has been following a decreasing trend for the past few hours, with the strongest correction observed yesterday. However, bears tried to lower the price further below; although there have been instances where the bulls tried to take over the market, the overall trends have been in favour of the sellers.
A slight decline in SOL/USD value has been recorded in the last 8 hours, as well as the price moving down to the $12.33 level, and the coin has been at a loss of 0.68 percent for the past 24 hours. The moving average (MA) is relatively at a lower position, i.e., $13.13.
The SMA line is also heading downwards, which indicates that the market trend is bearish. The RSI value is currently at 39.20, which shows that the current momentum is quite weak and the selling pressure is dominant. The MACD line is also below the signal line, which shows that the downward trend of SOL/USD is going to continue in the near future.
The 4-hour Solana price analysis shows that the bulls have been at the lead for most of the days, but a four-hour bearish activity has changed the trend in the bearish direction. A considerable decline in ADA/USD price has been observed during this time. The price has gone down to $12.33 as a result of the bearish strike.
Solana is following the general cryptocurrency market trend, which is being pulled down by Bitcoin. Crypto markets are often driven by Bitcoin’s price movements, and so when it dips, the entire market follows the dip.
Conversely, if Solana reclaims the $13.00 point, it will likely start to see an increase in demand and will move back upwards. In conclusion, Solana’s price analysis shows that the coin is at a bearish sentiment and is following Bitcoin’s downward direction.
The moving average is currently at a lower position, i.e, $12.33. The 20 MA line has also gone downwards, and the SMA line is following a bearish trend as well. The RSI value is currently at 32.89, suggesting that the selling pressure is dominating the market and bears are in control of the trend at this moment. The MACD line is also below the signal line, as the histogram values are decreasing. This further confirms that the market trend is bearish and we can expect a further drop in Solana’s price in the near future.
To sum up, the Solana price analysis confirms that, despite the fact that the coin is currently showing a bearish tendency on the daily chart, the price has undergone a significant decrease. But, there are chances for the bulls to take over again in the coming hours if the buying activity continues; however, a steep recovery does not seem possible today.
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