Recently, Solana price analysis has been facing a lot of selling pressure and has dropped to $39.16. The market is currently in a bearish trend and may continue to decline in the near future. The Solana price has been under a lot of selling pressure and has dropped below the $40 mark. The support for SOL prices is present at $37.16, and the resistance for SOL/USD is at $40.99.
The coin has been under selling pressure and has lost over 5% in the past 24 hours. The market is currently bearish, and a further decline cannot be ruled out. The volume market has seen a slight uptick in the past 24 hours as it is sitting at $1,255,205,840, which is a positive sign. The market capitalization of Solana is currently at $13,389,198,251, and the coin is ranked number 25 on CoinMarketCap.
Solana price on 1-day analysis: SOL/USD facing resistance at $40.99
Solana price analysis on the 1-day analysis has been bearish for the last few hours as the market has seen a series of lower highs and lower lows. The market is currently in a bearish trend, and a further decline cannot be ruled out. Solana price is facing resistance at $40.99, and a break above this level is needed for further upside. The support for the Solana price is present at $37.16, and a break below this level may push the prices towards $34.65.
The RSI indicator on the 1-day chart is currently at 40, which shows that the market is in bearish territory. The Moving Average Convergence Divergence indicator is also in the bearish territory as the MACD line is currently below the signal line. The EMA ribbon on the 1-day chart is also in bearish territory, which shows that the market may continue to decline in the near future.
Solana price on 4-hour analysis: SOL/USD facing resistance at $40.99
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 $ 50 level. The Relative Strength Index indicator is currently trading near the 40 level, which shows that the market is in bearish territory.
The MACD line (blue) currently trading below the red signal line which is a bearish sign and it shows that the market has more room to fall. The EMA ribbon on the 4-hour timeframe is also in favor of the bears as all the moving averages are currently trading below the price action.
Solana price analysis conclusion
The recent developments in Solana price analysis show that the bears are currently in control of the market. The 1-day and 4-hour timeframe analysis shows that the market has further room to fall as the market is currently facing resistance at $40.99. the buyers will need to break above this level to push the prices higher. The market is currently in a consolidation phase, and a breakout is needed for further upside.
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