SOL prices retrace below the $105.0 key support

TL;DR Breakdown

• Solana price analysis is bearish
• SOL prices have dropped by 4.85 percent
• Sol prices are currently seeking support at the $99.0 level

The Solana price analysis reveals a continuous downtrend that has seen SOL prices tear up 4.85 percent in the last 24 hours. The market has had a bleak month with prices shedding over 18 percent in the last 30 days. Sol’s recent price movements have been shaped by a descending channel pattern. The immediate resistance for SOL lies at $105.0, while support sits at $99.0The bears continue to dominate the SOL market and are expected to maintain their momentum. In the coming days, SOL is predicting another devaluation. As a result, the bears appear to have solid footing and may soon take control of the market.

Solana price movement in the last 24 hours: SOL prices lose 4.85 percent

The Solana price analysis over the last 24 hours reveals a market that is under bearish pressure. The market opened at $104.73 and immediately dropped to $99.77 in a matter of hours, representing a drop of 4.85 percent. The market has since recovered slightly but remains well below the opening price. The trading volume for the cryptocurrency is currently at $1,573,907,591.58 while the market capitalization is 33 billion. Solana currently ranks in position 7 while it dominates 1.80 percent of the total cryptocurrency market.

The technical indicators show a bearish market as the EMA’s (5, 10, and 20) have all crossed over to the downside. The RSI indicator is currently at 35.09 and appears to be headed lower. This suggests that the bears may soon take control of the market as the market looks set for another leg down. The MACD line is currently well below the signal line, further validating the bearishness in the market.

Solana price analysis on a 4-hour price chart: SOL/USD prices trade in a descending channel

On the 4-hour chart, the Solana price analysis shows a market that is currently trading in a descending channel. The market has been on a downward trend since mid-March as it slowly makes its way towards the $99.0 support area. The immediate resistance for SOL lies at $105.0 while support sits at $99.0. The market is currently in a state of flux as it awaits a breakout from the descending channel.

The technical indicators show a bearish market as the moving averages have all crossed to the downside. The RSI indicator is currently at 37.68 and appears to be headed lower. This suggests that the bears may soon take control of the market as the market looks set for another leg down. The MACD line is currently on the verge of crossing below the signal line, further validating the bearishness in the market.

Solana price analysis conclusion

The Solana price analysis shows a market that is currently under bearish pressure. Bears seem to eye the $99.0 support area as the next key level of interest. A breakdown below this level could see prices head towards the $95.0 and $90.0 levels in the short term. On the other hand, a move above the $105.0 resistance level could see prices test the $110.0 level in the near term.

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