Solana price analysis: SOL price faces a further downtrend at $23.53 as bearish persists
The Solana price analysis indicates a downtrend as the bearish momentum has invaded the market currently. The coin is currently trading at $23.53, which is lower than the last 24 hours’ high of $25.43. This shows a weakening buying pressure in the market and traders can expect more bearish pressure from this level.
The support level for Solana is seen at $23.28, which means if the price breaks this level, a further downtrend can be expected. On the other hand, the resistance level for SOL/USD pair is seen at $25.43, where buyers may try to enter and push prices up again.
Today’s overall market for most cryptocurrencies is in red, with Bitcoin, Ethereum, and other altcoins suffering losses. This is likely to be a major contributor to the bearish sentiment in Solana as well.
Solana price analysis 4-hour chart: Bearish movement has drawn SOL price to $23.53
The hourly chart for the Solana price analysis shows bearish candles, which signify the decline in price. The overall trend line of the market is currently bearish, and it will continue to remain so in the upcoming days as well, as the sellers have the upper hand in the market. The previous week the market for SOL/USD pair was trading in an upward direction. However, the bearish pressure has returned, and traders should be cautious while making any decision of entering this market at current prices.
The Stochastic RSI is also seen below 36, and it looks like it will remain so for some time as well; currently, the Relative Strength Index (RSI) is seen at 36.79, which means that the buying pressure has decreased, and sellers are dominating the market currently. The smooth moving average (SMA) has also reduced to $24.60, with the 20-SMA and 50-SMA pointing towards a bearish trend.
SOL/USD 1-day price chart analysis: Solana takes a downturn at $23.53 after a bearish run
The daily Solana price analysis confirms a downward trend for the day as the price stepped down to $23.53, showing a decrease of more than 6.60 percent in the last 24 hours. Looking at the CoinMarketCap data, the trading volume of Solana (SOL) in the previous 24 hours has been around $910 million. This shows a decrease in market participation, which indicates that the bearish momentum has taken control of the market, while the market capitalization stands at $8.8 billion.
The daily technical analysis for Solana indicates that the price of the SOL/USD pair is likely to remain in a bearish trend in the upcoming days as well. The Stochastic RSI is currently at 51, and it will remain so for some time, which means selling pressure is strong. On the other hand, the Relative Strength Index (RSI) is at 51.70, and the MACD indicator is also in a bearish region. The SMA has also reduced to $23.59, with the 20-SMA and 50-SMA pointing towards a bearish trend.
Solana price analysis conclusion
Overall, the Solana price analysis shows that SOL/USD pair is currently in a downtrend, and traders should be cautious while entering this market. The selling pressure has taken control of the pair as the bearish momentum has entered the market. The support level is seen at $23.28, and the resistance at $25.43. If these levels are broken, then traders can expect either a further downtrend or an uptrend in the pair.
