Solana price analysis suggests a bearish trend is continuing, with SOL/USD dropping to $21.33 after hitting a resistance level of $22.35 today. The bears are seen to be holding firm since SOL is trading on a downtrend pattern since it opened today’s trading session. Currently, SOL is trading at $21.33 a decrease of over 3% from the opening level.
The immediate support for SOL/USD is seen at $21.11, which the pair will have to defend against further losses. However, if the bears remain in control, the next major support level will be seen below the $20.00 mark. Meanwhile, resistance to any upside could be found near $22.35 if there is a reversal of sentiment in the market.
Solana price analysis 24-hour chart: SOL face rejection at $22.35
The 24-hour chart for Solana price analysis shows a decline in price from the opening level, with SOL/USD trading close to its lowest level of the day at $21.11. The bearish momentum has been continuing over the past few days, and today, the trend is the same. The trading volume has been relatively low compared to the recent day’s close at $452 million.
The technical indicators for SOL/USD are showing a bearish outlook with the Relative Strength Index (RSI) indicator falling to 44.85, indicating that the market is still in a bearish mood. The Moving Average Convergence Divergence (MACD) indicator has formed a bearish crossover as the signal line crosses below the 12-period EMA line. Finally, the moving average (MA) displays the red candlesticks ruling the chart, which suggests that the momentum has shifted to the downside and currently, the bears seem to be in control.
Solana price analysis 4-hour chart: Latest developments
The hourly chart for Solana price analysis indicates the price has formed lower highs and lower lows, which could indicate a further decline in the near term. The bulls have not been able to take the price above $22.35, as it has been trading in a range of $21.11-$21.40 over the past few hours.
Technical indicators such as the RSI and MACD are showing a bearish outlook in the hourly chart. The RSI is trading at 30.14, indicating that the market is in the oversold region if the buyers don’t regain control SOL could drop further. The MACD indicator is still in the negative region and the MACD line is below the signal line, which suggests a bearish mood in the market. The moving average (MA) is sloping downwards, with a value of 21.76, further suggesting that the bearish trend is continuing.
Solana price analysis conclusion
Overall, Solana price analysis shows a bearish trend is in place and the bears continue to hold their ground. The immediate support for SOL/USD is seen at $21.11 and any further downside pressure could take it to its next major support level below $20.00. On the upside, resistance is seen around $22.35, which needs to be breached for a possible reversal in sentiment.
