SOL depreciates to $23 range as selling pressure grows – Cryptopolitan

The coin’s worth has decreased, according to the Solana price analysis. The price has dropped to a value of $23.07, suggesting that it is moving away from its consolidation level. After exerting surprising market pressure yesterday, the bears have been able to take the lead once more. The growing selling pressure appears to be strengthening the bearish momentum.

SOL/USD 1-day price chart: SOL loses 5.34 percent overnight

In the 1-day candlestick chart for Solana, price analysis shows that a decrease in price levels has been noticed, as the bears are constantly trying to strengthen their position. Red candlesticks have appeared on the chart, with the price decreasing to $23.07. This is a discouraging notion for the buyers, as the price levels have fallen below $23.39 support. The coin reports a 5.34 percent decrease in value for the last 24 hours, and it also shows a decrease of 9.71 percent in value if observed over the past seven days. At the same time the trading volume has increased by 70 percent today.

The moving average (MA) is currently above the $24.32 price level. Due to the convergence of the Bollinger bands, the volatility is low. The lower band is present at the $21.57 level, showing the coin’s support, and the upper band is at $26.40, signifying the biggest resistance, according to the Bollinger band, which has an average of $23.99.

The Relative Strength Index (RSI) is currently present at an index of 53 in the upper half of the neutral region.The indicator’s downward-sloping curve suggests that sellers are active in the market.

Solana price analysis: Recent developments and further technical indications

After the bears took control of the situation later on saturday, the price of Solana has continued to tumble, according to the hourly price analysis. The price has reached $23.06 because to the strong momentum. Resistance from the bearish side was present over the previous two trading sessions, and it is still there today. As a result, the price levels have fallen sharply. The moving average (MA) is visible at $22.80, which is higher than the current price.

As more sellers enter the market, the volatility rises. The Bollinger bands have been exhibiting the following values as volatility has increased: the upper band has risen to $25.23, while the lower band has deviated downward to a value of $23.20. At the time of writing, the RSI score is 33, which is in the bottom half of the neutral zone, but the indicator’s curve on the 4-hour chart is steeply downward as selling pressure picks up as it approaches the undersold area.

Solana price analysis: Conclusion

The hourly and daily Solana price analysis provided here indicate that there will likely be bad news for buyers. The price has decreased to $23.06 as the bears appear to be recovering their strength. If the bearish momentum persists, the market should continue to display the same results in the future. The support is still present at $21.28, where the decline might stop.