Solana price analysis shows bears taking over the market once again, as price fell down to $22.44 over the past 24 hours, dropping more than 2 percent. Since the end of January, SOL price has been trading around the $25 mark, showing extremely volatile behaviour. Price exchanged trends over today’s trade, after hitting the $25 mark yesterday , before today’s sudden dip. At the time of writing, SOL price sits at $24.39, occupying the 11th rank in the cryptocurrency market with a market cap of $9,114,735,251.
The larger cryptocurrency market recorded mixed trends over the past 24 hours, as Bitcoin stayed above the $23,500 mark, and Ethereum rose above $1,600 with a 2 percent incline. Among leading Altcoins, Ripple dropped 1 percent to $0.04, as Cardano stayed at yesterday’s price of $0.39. Meanwhile, Dogecoin dropped 3 percent to move down to $0.09, and Polkadot rose up to $6.54 with a 2 percent increment.
Solana price analysis: RSI drops to complement price correction on daily chart
On the 24-hour candlestick chart for Solana price analysis, price can be seen correcting down to $22.44 over the past 24 hours, before settling above at the $24 mark. With support set around this point, bulls will hope to keep the token above support over the next 24 hours, before attempting a breakout to the $26 resistance. For now, SOL remains just above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $24.23.
The 24-hour relative strength index (RSI) shows the level of buyer interest in the token at current price, which can be seen declining down to 60.38. This indicates that price could correct further before gathering further buyer impetus in the market. Meanwhile, trading volume over the past 24 hours rose 6 percent, mostly incurring selling action. Furthermore, the moving average convergence divergence (MACD) curve can be seen attempting a bearish convergence with the trend line moving below the signal line.
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