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TL;DR Breakdown

  • Solana price analysis is bearish today.
  • The strongest resistance is present at $101.
  • Solana trading price is $79 as of now
The Solana price analysis shows bearish momentum. The bears completely rule the SOL market, which has changed the market’s dynamic, and SOL now expects a further devaluation in the coming days. On the other hand, the bulls appear to have shied away and are tired and worn out. As a result, the SOL price has experienced a crash from $81 to $79 and has remained around that threshold.

The market shows the price of Solana’s negative movement at the $79 mark. Solana continues a bearish movement. SOL currently trades at $79; SOL has been down 2.71% in the last 24 hours with a trading volume of $1,515,084,207 and a live market cap of $25,552,206,250. SOL currently ranks at #9 in the cryptocurrency rankings.

SOL/USD 4-hour price analysis: Latest developments

The Solana price analysis illustrates that the present condition of the market demonstrates bearish potential as the price moves downward. Moreover, the market’s volatility follows a slight opening movement, resulting in the cryptocurrency being more prone to volatile change on either extreme. As a result, the upper limit of the Bollinger’s band rests at $82, serving as the strongest resistance for SOL. Conversely, the lower limit of the Bollinger’s band is present at $78, serving as a support point for SOL.

The SOL/USD price travels under the Moving Average curve, indicating the market following a bearish movement. However, as the market experiences declining volatility today. In addition, the SOL/USD price seems to move towards the support band attempting to break it, signifying a possible reversal movement, which could prove to be a silver lining. However, as the support moves downward as the volatility increases, it may prove quite a task for the SOL/USD price.

Solana price analysis: SOL loses value at $79 1
SOL/USD 4-hour price chart source: TradingView

The Solana price analysis reveals that the Relative Strength Index (RSI) score is 39 making the cryptocurrency being devalued, falling in the undervalued region. Furthermore, the RSI score moves slightly downward, indicating the selling activity exceeding the buying activity while moving towards further devaluation.

Solana price analysis for 24-hours: SOL starts to open

The Solana price analysis has experienced a bearish movement in the last few days. Moreover, as the volatility opens, it makes the value of the cryptocurrency more volatile to change. As a result, the upper limit of the Bollinger’s band rests at $101, serving as the most substantial resistance for SOL. Contrariwise, the lower limit of the Bollinger’s band rests at $73, serving as the strongest support for SOL.

The SOL/USD price appears to be crossing under the Moving Average curve, displaying bearish momentum. However, the support and resistance are opening up, potentially making new opportunities for the market.

Solana price analysis: SOL loses value at $79 2
SOL/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score appears to be 39, showing the cryptocurrency’s depreciation. It falls in the undervalued region. However, the RSI score follows a decreasing movement signifying a declining market and toward depreciating dynamics. The declining RSI score indicates selling activity superior to buying activity.

Solana Price Analysis Conclusion

The Solana price analysis shows bearish momentum with little room for bullish opportunities. The bulls will have a chance for the throne if they prove themselves worthy; they may even engulf the whole market. This can be possible if the price breaks the support. The market dynamic will be shifter in the bulls’ favor.

Source: www.cryptopolitan.com

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