The Solana price analysis shows a bearish trend for the cryptocurrency as the bears have been at the winning edge for the last 24 hours. Although a strong bullish wave was controlling the price trend in the previous week, today’s trend proved relatively in support of the sellers. The SOL/USD value currently sits at $20.30, and a further decrease in coin value can be expected if the bears remain consistent.
SOL/USD 1-day price chart: Price goes down to $20.30 after bearish drift
The daily Solana price analysis shows a downward trend for the market as the selling momentum remained high during the day. The bears have successfully tackled unfavorable circumstances as the bullish current has been disrupted. The price is now at $ 20.30, down by 0.89% in the last 24 hours, and devaluation is to follow if the selling activity experiences a further rise. Moving on toward the moving average (MA) value, which is $20.66, for a one-day price chart.
The volatility is on the low, which shows the market is going through a significant change. The upper Bolinger band of $22.67 has been breached, and the price is now trading close to the lower Bollinger band of $19.27 for Solana. The Relative Strength Index (RSI) value stands at 45.92, which shows that selling pressure is currently high in the market and it needs an uptrend before any bullish activity is observed.
Solana price analysis 4-hour chart: SOL price support is present at $20.02
The 4-hour Solana price analysis shows that the coin is currently trading at $20.30, and a further decrease in price can be expected if bears remain consistent with their activity. The support for SOL/USD is present at $20.02, and the next resistance for the coin is $20.66.
The RSI indicator stands at 40.72, which shows that bears are still in control of the market despite a minor buying activity in the last 4 hours. The Bollinger bands for SOL/USD are also showing a downward trend as the upper band of $21.47 has been breached and the coin is now trading close to the lower band value of $20.04. The MAs have also gone down; short-term (50-EMA) at $20.16, mid-term (100-EMA) at $20.21, and long-term (200-EMA) stands at $20.37. Hence, the Solana price analysis shows that the coin is currently trading in a bearish zone as selling pressure is high in the market.
Solana price analysis conclusion
The Solana price analysis shows a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain a high momentum and have succeeded in causing a decline in the price to the $20.30 range. Yet, as the bullish momentum in the past week had been seen to be reviving, it can be expected that it might bounce back to take the price above the $20.66 resistance.
While waiting for Solana to move further, see our long-term price predictions on Cardano, Litecoin, and Waves.
