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The Solana price analysis is pessimistic, as the price has dropped further and is presently hovering around $193. SOL has been unable to find support since it began to deteriorate on December 3rd. All of SOL’s upward advances were only on an hourly basis, and the bulls could not close a daily green candle. Since it last peaked at $233.9 on December 2nd, the recent downturn has cost SOL $41 in price worth to lose in four days.

SOL/USD 1-day price chart: The bearish trend continues, with the price dropping to $193

The price decrease continues on the 1-day price chart for Solana price analysis, as bears continue to control the charts. The price of SOL/USD has dropped to $193.01 at the time of writing, as the price breakout is again downwards, resulting in another red candlestick on the charts. SOL has been down another 0.59 percent in the last 24 hours and has lost more than 4% in the previous week. Trading volume has declined by 40.84 percent, while market cap has decreased by 1.34 percent, resulting in 2.61 percent market domination.

Solana price analysis: SOL declines to $193 as bears exert control 1
SOL/USD 1-day price chart. Source: TradingView

The Bollinger bands Indicator shows symptoms of expansion again, with the upper limit at $235 and the lower limit at $184, suggesting support for SOL. Volatility is growing again, implying that the downswing may continue in the next few days. The Relative Strength Index (RSI) has been decreased to 42, indicating that selling pressure is there, but the slope is no longer especially steep.

Price of Solana analysis: Recent changes and additional technical indicators

Bulls raised the price during the last eight hours of the previous trading session, but the price still finished in the red for the day, according to the 4-hour price cart for Solana price research. As a result, bears are again in charge of the price function, which has dropped to $193.

Because of the negative trend on the 4-hour chart, volatility has grown, and the Bollinger bands are covering a larger region. The upper Bollinger band is at $238, the lower Bollinger band is at $174, both of which indicate support, and the overall average is at $206, representing resistance for SOL. Due to selling activity at the start of today’s session, the RSI score has declined again after jumping to index 41 before.

Solana price analysis: SOL declines to $193 as bears exert control 2
SOL/USD 4-hours price chart. Source: TradingView

Out of a total of 26 technical indicators available for examination, the technical indicators chart supports the bearish lead, with 11 indications on the selling spot, ten indicators on the neutral place, and just five indicators on the purchasing spot.

Conclusion

Since December 3rd, a downturn has been predicted by the Solana price analysis. Due to continued selling pressure, the price has been reduced to $193. A further decline is likely since the bears have been in control for the past four hours. The price has been steadily declining, implying that the SOL’s chances of improving are still slim.

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