Solana price analysis shows that the market is under a bearish influence after yesterday’s price action. The market today has opened with a slight downward move and currently, SOL/USD is trading close to the $35 region. There is a key bearish trend line forming with resistance near the $38.80 level, which is likely to act as a resistance in the near term. On the downside, initial support is present at $33.80, below which further losses are possible.
The digital asset is currently consolidating in a broad range between $33.80 and $38.80. Solana price analysis decreased by 6.8% over the last 24 hours, and it is currently trading close to the $35 level. The market capitalization of the coin is around $12,070,331,494, with a 24-hour trading volume of $1,566,493,752. Bears are in control of the market for the next few sessions as it trades at the $35.40 level.
Solana price analysis for 24 hours: SOL market likely to decline further
The daily timeframe for Solana price analysis shows that the market has formed a bearish engulfing candlestick pattern after yesterday’s bullish move. This indicates that the bears are in control of the market and they are likely to push prices lower in the near term. The RSI indicator is currently trading below the 50 level, which suggests that bearish pressure is likely to continue in the near term.
The MA’s on the daily timeframe is indicating a bearish trend as the 50-day MA is trading well below the 200-day MA. The Moving average convergence divergence histogram is increasing, which indicates that the bearish momentum in the market is likely to continue. Looking at the24 hour timeframe for Solana price analysis, we can see that the market has formed a descending triangle pattern with resistance near $38.80.
Solana price analysis on a 4-hour price chart: Recent development and further technical indications
Recent developments in the Solana market show that the bears are currently controlling the market. The 4-hour timeframe for Solana price analysis shows that the market has formed a bearish pattern and it is currently trading below the $36 level. The Relative Strength Index indicator is currently trading near the 40 level, which suggests that bearish pressure is likely to continue in the near term.
The Moving average convergence divergence histogram is currently below the zero line and it is increasing, which indicates that the bearish momentum in the market is likely to continue. The MA’s on the 4-hour timeframe is indicating a bearish trend as the 50-day MA is trading well below the 200-day MA.
Solana price analysis conclusion
The bearish trend is likely to continue from the technical analysis, it can be concluded that Solana price analysis is currently under a bearish influence and it is likely to decline further in the near term. The market is facing resistance at $38.80, and if prices break below $33.80, further losses are possible.
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