Solana price analysis for today shows that the crypto is currently trading at $21.37. The market has seen some slight volatility over the past few hours; however, the overall trend seems to be bearish. The price levels have moved down to meet the $21.07 level, which is acting as strong support for the market while resistance is present at the $22.22 level.
The bears are inclined toward taking the price further below the current price value to keep maintaining their bearish slide that has been continuing for the past few hours. The Coin has decreased by 4.08 percent over the past 24 hours, making it a bearish day for Solana.
Solana price analysis 1-day price chart: Bearish trend aggravates as SOL experiences downfall to $21.37
The 1-day price chart showing Solana price analysis is going in favor of the bears once again, as they have regained their momentum after a brief period of consolidation. The bears are consistently driving the price downwards, and it seems that they are likely to continue doing so until the $21.07 level is reached. If this occurs, then a further decrease in SOL could be expected as the market might stay bearish for an extended period of time.
The exponential moving averages are all stacked in a bearish manner as the price is trading below them. The 50-day EMA ($22.25) is closest to the candlesticks, followed by the 200-day EMA ($25.00) is further away from the current price, indicating that the path of the least resistance is to the downside.
The MACD indicator is currently in the bearish zone as the signal line is above the candlesticks, indicating that the bears are in control of the market momentum. The RSI indicator is currently at 45.18, which indicates that the market has no oversold or overbought conditions at this time.
Solana price analysis 4-hour price chart: Cryptocurrency sustains damage as price suppresses up to $21.37
The 4-hour Solana price analysis indicates that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $21.37 after overcoming the advancements coming from the bullish side. As bulls also showed good performance during the day but eventually, bears outperformed them.
The Relative Strength Index (RSI) score has also followed a sharp dip, as it has reached down near the undersold mark and is trading at an index value of 39.98. The MACD indicator on the 4-hour timeframe is also in the bearish zone, as the signal line is at a position above the candlesticks, indicating a bearish market for SOL. Both EMA’s are sloping downwards in the bearish zone, which is an indication that the path of the least resistance is to the downside and more bearish pressure is likely to be seen in the market.
Solana price analysis conclusion
The price experienced a drop today as has been confirmed from the one-day and four hours Solana price analysis. Although the market is currently in a bearish trend, it is possible for the bulls to take back control and push prices higher. However, this is unlikely to happen in the near term as the market indicators all suggest further downside potential.
