The Solana price analysis shows a bearish trend in the prices in the last 24 hours. The price of SOL has dropped $24.26, indicating a bearish run in the market as buyers are not able to push back the selling pressure. The buying pressure was initially seen at $24.96 on the previous day but the price has been dropping since then. The selling pressure is strong and is expected to push the price lower, with $23.82 as a possible target for the sellers.
The trading volume for the altcoin has also been low, indicating that the investors are not actively trading SOL tokens. The trading volume of SOL stands at $641 million, which is notably low in comparison to other cryptocurrencies of its size. The market capitalization for Solana is also low at $9.48 billion, compared to other projects of its size.
Solana price analysis 1-day chart: SOL value steps down to $24.26 after the downturn
The one-day Solana price analysis confirms a negative trend for the cryptocurrency, as the bears remained dominant during the day. Although the bullish curve was progressing swiftly the previous night, the price trend reversed as sellers took control of the market. The SOL/USD pair has seen a decrease of about 4.32 percent from the highest point of $25.46 to a low of $24.26 on the current day.
The technical indicators on the one-day chart are also bearish, with the Relative Strength Index (RSI) dropping to 65.00, which is below the 70 levels. The Moving Average Convergence Divergence (MACD) line is also in the negative zone at -0.32, indicating a strong sell signal. The moving average indicator is currently at $22.44, which is a bearish sign for the price.
Solana price analysis: Bearish slide relocates SOL below the $25.00 mark
The Solana price analysis shows a bearish trend in the market, as prices dropped below $25.00 due to strong selling pressure. The altcoin had previously been trading around the $25.00 level but has now dipped to a daily low of $24.26. The buying pressure may be able to push back the price if bullish momentum is generated.
The 50-day moving average (MA) indicator is currently at $24.20 and the 200-day MA is standing at $24.19, suggesting that prices may dip further if the bearish momentum persists in the market. The Relative Strength Index (RSI) indicator has also dropped to 56.12, which suggests that bears are in control of the market and the prices could dip further. The Moving average convergence divergence (MACD) is also in the negative zone as the signal line is below the MACD line, indicating further drops for SOL.
Solana price analysis conclusion
In conclusion, the Solana price analysis shows a bearish trend in the market as prices are stuck below $25.00 due to strong selling pressure. The technical indicators also suggest that the bearish momentum may persist in the market and drag prices lower in the coming days. The support level at $23.82 may act as the bottom for prices if buyers are not able to generate bullish momentum in the market.
