Solana price analysis shows a bearish trend for the past 24-hours as prices retrace from highs near $39.95. The cryptocurrency is now trading at $37.68 and is facing immediate resistance at $39.95. A break above this level could see SOL prices continue higher towards $41. On the downside, support lies at $36.04 which if breached could see Solana prices retest the $34 level. The prices have been hovering around a range of $36.04 and $39.95 for the past few hours.
After the recent market-wide sell-off, the cryptocurrency has not been able to find any buyers at higher levels. The prices have been consolidating in a range for the past few hours as bulls and bear battle for control. The market shows the price of Solana’s negative movement at the $37.68 mark. Solana continues a bearish movement. SOL currently trades at $37.68; SOL has been down by 5.09 percent in the last 24 hours with a trading volume of $1,502,981,807 and a live market cap of $12,780,744,779. SOL currently ranks at #23 on CoinMarketCap.
Solana price analysis for 24-hours: SOL market likely to decline further
On the 1-day Solana price analysis, the market situation for SOL is not favorable as the price action has been bearish for some time now. In addition, there is a lot of negative pressure on the market, which could lead to further downside. Furthermore, the market looks like it is heading towards the $35 mark, which is a key support level. If this level is breached, it could lead to further downside.
The technical indicator MACD shows a bearish crossover as the MACD line (blue) crosses below the signal line. This is a bearish indicator and could lead to further downside. The RSI for SOL is currently at 42 which is in the neutral zone. This indicates that the market could see some consolidation in the near term. The Bollinger bands have expanded which indicates that the market is volatile.
Solana price analysis on a 4-hour price chart: SOL prices decline to $37.68
On the 4-hour Solana price analysis, the market looks bearish as prices have declined from highs near $39.95. The market is currently trading at $37.68 and is facing immediate resistance at $39.95.The market has faced a strong sell-off and the prices have not been able to find any buyers at higher levels. The market is currently in a consolidation phase and the prices are trading between $36.04 and $39.95.
The Moving Average Convergence Divergence (MACD) shows a bearish crossover as the MACD line (blue) crosses below the signal line. The RSI for SOL is currently below 50 which indicates that the market is bearish. The Bollinger band is below the 50 level which indicates that the market is oversold.
Solana price analysis conclusion
Solana price analysis shows that the market is in a bearish phase and the prices are likely to continue lower in the near term. The key support levels to watch out for are $36.04. If these levels are breached, it could lead to further downside. The technical indicators are also giving bearish signals, which indicates that the prices may fall further in the near term.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-06-04/