The Solana price analysis indicates a major decline in the price value today. The bears have been continually winning over the price charts, as the bearish trend has been quite dominating for the market.
This has resulted in a decrease in coin value up to the $32 level, and the momentum is strong enough to reduce it further in the future. Nevertheless, the bears have availed their chance by continuing their momentum for the fifth day in a row.
SOL/USD 1-day price chart: SOL price cripples as bears maintain downtrend
The 1-day Solana price analysis is indicating a downfall in the price today after the bears have successfully maintained their lead over the price action. The bears have taken the price down to $32 value, and it is expected that further decline will be observed as well. The coin has lost almost 10.7 percent value during the last 24 hours, and the coin is also down by 12.13 percent for the past week.
The moving average (MA) in the 1-day price chart is present at $37.2, far above the current price value. Meanwhile, the Bollinger’s bands average line is trending at the $34.5 position. The Bollinger bands show high volatility for SOL as its upper band is present at the $42 level representing the resistance, and its lower band is present at the $26 level representing the support for the falling SOL price. The relative strength index (RSI) is also traveling downwards and has reached index 39 in the lower half of the neutral zone hinting at the selling activity which is taking over the market today.
Solana price analysis: Recent developments and further technical indications
The 4-hour Solana price analysis is going supportive for the bears as well, as seen from the latest price chart. The bears have been in action for the last 48 hours, and they might be exhausted by now as a small green candlestick has appeared on the hourly chart indicating the price rise during the last 24 hours as the coin might have found support.
The bulls interrupted the continuous bearish slope, which has been reconstructed by the bears today as the price has decreased to $31.9. The volatility is increasing, which can be taken as a relatively positive signal for the future. Also, the moving average in the 4-hour price chart is resting at $33.9 of value.
Moreover, the Bollinger bands are widening up; as a result, the upper band has reached the value of $41, and the lower band has reached $31. The RSI curve has also turned horizontal, and the score has leveled up to index 25 as the bullish support just came in.
Solana price analysis conclusion
From the 1-day and 4-hour Solana price analysis, it can be confirmed that the bearish momentum has returned back as the price has decreased to $32. More sellers have entered the market as compared to the buyers, which is why the bearish trend has continued.
Yet, if the support level present at $29.3 proves to be strong, there is an imminent possibility that the cryptocurrency price will experience an uplift in the coming days.
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