The most recent Solana price analysis shows a heightened likelihood of an impending downturn as the bears gather strength. The coin’s value has suddenly dropped to $21.27, signaling a strong bearish trend. The fact that the coin was rejected once more is a fairly bad sign for future market occurrences. The price appears to be going down even further, which makes the scenario for buyers less than ideal.
SOL/USD 1-day price chart: The price levels are still being restrained by bears
The one-day Solana price analysis supports the bears, as what appears to be a long-lasting bearish wave engulfs the market. The bulls are unable to recoup, which is bad news for SOL. The bears have been able to push the price back to the $21.27 level and have made a loss of 2,83 percent during the last 24 hours, which is unappreciable progress. More depreciation is to follow if the selling momentum intensifies. The price is below its moving average (MA) value, which is $23.12, it even below the SMA50 curve as well.
High volatility is a warning sign for upcoming market patterns because no breakthrough can be anticipated. The Bollinger Bands Indicator values for the upper and lower bands remain unchanged, and the upper Bollinger band shows a $25.91 value, which is the highest resistance, whereas the lower Bollinger band displays a $18.93 value, which is also the strongest support for SOL. The seller’s advance in the market is shown by the Relative Strength Index (RSI) score, which has significantly decreased and reached an index of 44.
Solana price analysis: Recent developments and further technical indications
The hourly Solana price analysis likewise yields unfavorable outcomes because the bears are consistently recording victories. The price reached more low troughs in the last few hours as selling increased, and as the bears persisted in their attacks, the price dropped down to the $21.26 mark. A little recovery was also observed during the day, however, bears returned with more rage. A crossover between SMA 20 and SMA 50 was expected as well after yesterday’s bullish episode, but now it seems t be delayed.
The volatility is mild, and if we discuss the Bollinger Bands Indicator’s values, the upper band shows $22.48 figures, whereas the lower band displays $21 figures. The RSI curve trailed low towards index 35 as immense selling took place during the last eight hours.
Solana price analysis conclusion
The one-day and four-hour Solana price analysis confirm a decrease in coin value over the past 24 hours. To accelerate the downward trend even more, the bears keep pounding the market. If the sellers keep pitching in, the bearish wave will keep going. After crossing the range lower, the price is currently at $21.26, but the cryptocurrency could lose more value.
