The bearish Solana price analysis shows the cryptocurrency is once again covering a downward range at $24.27 as the bearish momentum has been rekindled. The red candlestick indicates a price loss as the downward trend has resumed as the price function is moving back down. Earlier today, when the price started to slightly increase, the bulls attempted to take control of the market. But after driving down the price of SOL, the bears were able to retake their position. The coin has been in consolidation since January 15, 2023, and no breakout has occurred, so the bears are also not particularly aggressive at this time.
SOL/USD 1-day price chart: SOL unable to breakout of consolidation
The one-day Solana price analysis reveals that the bears are back on the price chart as the price is falling right now. The price dropped to a position of $24.27 after losing 2.78 percent of its worth over the previous 24 hours as the bears managed to hang onto their position. Because of the coin’s tight price range over the past week, it has also nominally increased in value by 1.77 percent overall. Additionally, the trading volume has dropped by 25 percent while the market valuation has decreased by 2 percent.
The price is currently below the moving average (MA) value for the day, which is $24.48. The Bollinger bands indicator’s values on the one-day price chart for the cryptocurrency are as follows: the upper band is at $26.34, which represents resistance, and the lower band is at $21.44, which represents support. This chart also demonstrates the coin’s relatively low volatility. A 59 reading on the Relative Strength Index (RSI) score, which denotes market selling activity, is likewise on a modest downward trend.
Solana price analysis: Recent developments and further technical indications
The four-hour Solana price analysis reveals a downward trend, with the bears skillfully holding onto their advantage. Although there was an upward price breakout, the coin lost value over the previous four hours. Due to bearish pressure, the price dropped to the $24.17 level in the previous four hours. The four-hour price chart’s moving average value is $24.80 above the price level, and yesterday saw a crossover between the SMA 20 and SMA 50 curves.
On the four-hour chart, the upper Bollinger band is at the $25.49 mark, the lower Bollinger band is at the $23.04 mark, and the price is almost touching the indicator’s mean average line, which is also visible at the 24.27 mark. The SMA 20 curve is continuing moving above the SMA 50 curve. The RSI score is present at index 48 in the lower half of the neutral zone, indicating selling activity. The RSI score is on a slight downward trend on the 4-hour chart as well, though it is still in the neutral zone.
Solana price analysis: Conclusion
The hourly and daily Solana price analysis is bearish today, given that SOL/USD is consolidating and that the price levels may begin to rebound in the hours to come. The market is still dominated by the bearish impulse, and the SOL may still be bearish at this time.
Source: https://www.cryptopolitan.com/solana-price-analysis-2023-02-03/