Given that the cryptocurrency price recently covered a downward movement, the most recent Solana price analysis indicates a strong bearish tendency for the day. For the previous week, the bulls have been in charge of the price trends, but today the market experienced another bearish shock. As a result of the bears disrupting the continuing bullish lead, the price levels have now returned to $22.07 after the most recent bearish drift. If the market’s selling pressure persists, it appears the price could fall even further.
SOL/USD 1-day price chart: Bears drag the price toward the $21 range, disrupting the bullish saga
The 24-hour cryptocurrency value decline is in favor of the bears, according to the one-day Solana price analysis. For the past week, the bulls have held the upper hand, and the price has been moving steadily lower. The most recent bearish turn has driven the price down to a low of $22.07, and further coin value devaluation appears imminent as the price appears to be headed toward the $21 level. In the past 24 hours, the coin has already lost about six of its current worth. The moving average (MA) number is currently sitting at $21.06.
Another sign that an overall upward tendency is still present is the fact that the short-term trending line is still moving upward. The lower value of the Bollinger bands indicator is present at the $84.04 position, which represents support, and the higher value is present at the $23.23 position, which represents resistance. The Relative Strength Index (RSI) score has decreased until it reached the 54-point level, and a further drop is likely.
Solana price analysis: Recent developments and further technical indications
As the price has been in a bearish shadow for the last few hours, the hourly Solana price analysis provides an advantage to the bears. Over the last four hours, the market value of SOL/USD has steadily decreased and reached a low of $22.04. Given that the selling impetus is picking up steam, it appears that the current downward trend will continue into the upcoming hours. Additionally, the hourly price chart’s moving average number is $22.50.
The higher extreme of the Bollinger bands indicator is at the $23.32 mark, while the lower extreme is visible at the $21.15 mark. The Bollinger bands indicator’s average value is visible at the $22.23 level. After the most recent bearish slide, the RSI score fell to index 52, but it is still in the higher half of the neutral range.
Solana price analysis conclusion
The hourly and daily Solana price analyses support a strong bearish tendency. The urge to sell caused a significant drop in the value of cryptocurrencies over the last 24 hours. The current worth of the coin is $22.04, and the likelihood of further loss appears to be high. But because there has been an upward tendency overall, the correction may also be modest.
