The most recent Solana price analysis shows an increasing bearish tendency as the price has followed a descending movement in the last 24 hours. The price was on its way to recovery earlier this week, as more bullish activity was being preserved. But today, the bears have managed to create an impact on the market by bringing the price down to its former low i.e. $15.43.
The Altcoin is down by about 11.89% in the last 24 hours, with a market cap of just over $5.60 billion, and a 24-hour trading volume of nearly $1.77 million.
SOL/USD 1-day price chart: Price undergoes a sudden drop at $15.43 edge
The one-day Solana price analysis is displaying favorable results for the sellers, as a slight drop in SOL/USD market value is being detected. The bullish momentum was just gaining its stability as the bulls were trying to retain their lead. But the bullish trend is now being hit by an opposing attack by the bears, as the price has undergone a sudden decline by getting reduced to $15.43. The moving average (MA) value is still standing at $25.47.
Overall, the bears have been leading the market for the past month, and now their upper position has been restored. The Bollinger Bands Indicator is showing a change of values as well; as now the upper band is touching the $40.54 mark and the lower band is at the $16.91 position. The Relative Strength Index (RSI) index is in the neutral zone i.e. 46.87.
Solana price analysis: Bullish curve drifts past $15.43 marker after a latest uptrend
The hourly Solana price analysis shows that the price has been progressing in quite a stable manner for the past few hours, after the bullish recovery. The market received a bearish shock in the earlier hours, as the selling activity was on the rise. The price is now touching $15.43 height, which is even higher than its moving average value i.e. $19.77.
The increase in volatility is suggesting that the approaching hours might bring a negative impact on the coin value. The upper and lower Bollinger bands have thus repositioned as well, as now the upper band is standing at $23.61 whereas the lower band is at $27.24. The RSI curve has ascended to 59.50 in the past few hours.
Solana price analysis conclusion
The hourly and daily Solana price analysis is confirming a drop in coin value as the bears have brought it down to $15.43 again. The bearish trend is expected to get stronger in the next few days as the selling momentum is on the rise. The hourly prediction, however, is on the encouraging side as more buying activity has taken place in the past few hours.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-11-12/