The Solana price analysis shows the coin is on the downswing since April 6,2023. The cryptocurrency has lost significant value over this time. The price has reached down to $20.04 today as a result of the continuous bearish trend. The next support for SOL is currently at $18.31, which is still further below. Today’s trend, though undecided, is tilted towards the bearish side as well.
SOL/USD 1-day price chart: SOL to revisit $18.31 support
The coin has been exhibiting a bearish trend since April 6, 2023, according to the 1-day price chart for Solana price analysis. The bearish pressure is still there, and the coin is currently trading at $20.04 as of the time of writing. SOL/USD reflects a loss of 3.09 percent over the previous day and a loss of 5.38 percent in value over the previous week. On the other hand, despite the market cap declining by 2.99 percent, trading volume rose by 28 percent today.
Due to the Bollinger bands’ divergence during the last few days, there hasn’t been much volatility. The price is currently trading close to the indicator’s lower limit, which is around the $19.52 level, which indicates support for SOL. Moving average (MA) prices have been $20.57 less than the SMA 50 curve. Though the RSI has also been moving downward, the RSI is currently moving laterally in the bottom portion of the neutral zone. As the price has gotten close to the support level, the RSI is trading at index 44.
Solana price analysis: Recent developments and further technical indications
The 4-hour price chart for Solana price analysis shows that the price breakout was upwards today and the direction remained positive for the first four hours, but then selling pressure triggered and the price level fell. Currently, a very tiny green candlestick has appeared again, which hints at the presence of support nearby. The increase is comparatively very small, but the last green candlestick is hopeful, assuming the price is maintaining its level now at $20.04.
The volatility is low on the 4-hour chart as well. The lower limit of the Bollinger bands at the $19.97 mark now represents support for SOL price, and the upper band at the $20.90 level represents the strongest resistance. The RSI curve has also turned horizontally due to the recently found bullish support after traveling low for some time today. The RSI score is quite low at index 35 near the under-bought region’s border.
Solana price analysis: conclusion
The Solana price analysis reveals a downward price trend. But as we all know, the market as a whole was bearish yesterday, and SOL did as well. The recent support is a good indication, but we believe SOL’s next move will depend on how long the support lasts. It is currently impossible to rule out the possibility of bearish pressure.
Source: https://www.cryptopolitan.com/solana-price-analysis-2023-04-09/