Solana price analysis shows that the coin has been facing a bearish trend in the market for the last 24 hours. The coin has been trading under a descending triangle pattern and has broken through the lower trend line. Although bulls were n control of the market earlier, the bears seem to have taken control of the market and are pushing the price further down.SOL is currently standing at the low of $20.58, with a loss of more than 1.47% in the last 24 hours of trading. The SOL token has been trading between the range of $20.57 to $20.58 for the last few days and is now at the low end of this range which could indicate further bearish momentum in the market.
Solana price analysis 1-day chart
Looking at the daily Solana price chart confirms that the coin has been facing a bearish trend in the market due to its low trading volume and lack of buyers. Therefore, if it continues to remain bearish, could lead to the SOL falling below the $20.48 support level. The resistance level for the SOL/USD pair is set at $21.29, with a break above this level bringing bullish sentiment back into the market. However, if the bears can maintain control and push the price lower, then it could lead to more downside pressure.
The MACD histogram and signal lines are both trending downwards, indicating a strong bearish momentum in the market. The Bollinger bands are maintaining an average of $21.01, just below the current price level. The upper Bollinger band value is $22.67, representing resistance, whereas the lower Bollinger band value is $19.36 representing support for the cryptocurrency price. The Relative Strength Index (RSI) is at 48.26, indicating that the coin is overbought.
SOL/USD 4-hour price chart: Solana prices face a bearish market as prices fall below $20.58
The 4-hour Solana price analysis shows that the coin is currently trading at $20.58 and has broken through the lower trend line of the descending triangle pattern. The Bollinger Bands indicator average has decreased to $20.82, whereas the upper Bollinger band is showing a $21.37 reading, and the lower band is showing a $20.27 reading, representing a high volatility range for SOL.
The relative strength index (RSI) is still below 50, indicating that the coin is still bearish. Moreover, the moving average convergence and divergence (MACD) histogram and signal lines are both trending downward, confirming a strong bearish momentum in the market.
Solana price analysis conclusion
Overall, it seems like Solana is currently facing a bearish trend and could continue to fall if the bears maintain control over the market. The support level for the cryptocurrency is currently at $20.48, and if this level is broken, then it could lead to further losses for the SOL token. The selling pressure is still strong and could continue dominating the market in the upcoming days. Traders should keep a close eye on the price action for further direction.
