Solana price analysis shows that the Solana (SOL) price is down 5.6 percent in the last 24 hours as the broader cryptocurrency market continues to correct lower. The sell-off has seen SOL drop to lows of $29.85 after a long-term bearish market that has been seen in the previous days. The decline in Solana prices looks to be attributed to the general market weakness as well as some specific fundamental factors. The trading volume for Solana has seen a slight uptick in the last 24 hours and is currently at $1,273,023,380.03. The market capitalization for Solana is currently at $10.2 billion, which puts it in the 9th spot on CoinMarketCap’s rankings.
Solana price action on a 1-day price chart: Bears push SOL prices below $30.0
Solana price analysis reveals over the last 24 hours, the SOL market has seen dynamic changes. While the price initially attempted to rebound after a week-long downtrend, the selling pressure soon took over and pushed prices down to lows of $29.85. The candlestick for the last 24 hours is quite bearish as it has closed below the opening price, signifying that bears are in control of the market sentiment. The RSI indicator is currently at 34.87, which is in oversold territory and signals that the downtrend could be nearing exhaustion. However, the MACD indicator shows that the bearish momentum is still strong as the MACD line (blue) is well above the signal line (red).
The last week has been a tough one for Solana as the prices have steadily declined throughout. The selling pressure has been strong enough to push SOL below the $30 mark and towards the lows of $29.85. The market sentiment is bearish at the moment and it looks like the prices could continue to decline in the short term. The Bollinger bands are seen to be widening, signifying increased volatility in the market.
The strongest support for Solana prices is present at $27.0, which is where the 100-day moving average line is currently located. This is a key level to watch out for as a break below it could see Solana prices decline towards the $20 mark. On the upside, the resistance levels to watch out for are at $32.0 and $35.0.The 50-day moving average line is currently located at $32.0 and a break above it could see Solana prices rally towards the $35.0 level.
Solana price action on the 4-hour hour chart: Bearish market sentiment persists
The 4-hour price chart for Solana shows that the trend is still bearish as the prices have been on a downtrend since the beginning of February. The selling pressure has been strong enough to push SOL below the $30 mark and towards the lows of $29.85. The Relative strength index line is currently at 34.87, which is in the oversold territory and signals that the downtrend could be nearing exhaustion. However, the MACD indicator shows that the bearish momentum is still strong as the MACD line (blue) is well above the signal line (red).
The last few days have seen a sharp decline in Solana prices as the market sentiment has turned bearish. The prices have declined below the $30 mark and are currently trading at the lows of $29.85. The market is expected to remain volatile in the short term as the bears look to push prices lower. The key levels to watch out for are $27.0 on the downside and $32.The Bollinger bands on the 4-hour chart are starting to widen, an indication of increased volatility in the market.
On the 4-hour chart, the 100-day moving average line is currently located at $27.0 and a break below it could see Solana prices decline towards the $20 mark. The 200-day moving average line is located at $22.50 and a break below it could see Solana prices decline towards the $15.0 level.
Solana price analysis conclusion
Solana price analysis shows the market is still bearish as the general market weakens as we enter the weekend. The price is trading at the lows of $29.85 and a break below the $27.0 level could see Solana prices decline towards the $20 mark. Bulls have not been able to defend the market is likely to decline further.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-06-18/