Solana price analysis for May 4, 2023, reveals the market following a partial bullish movement; moreover, Solana has obtained massive negative momentum, signifying a decline for the SOL market. Solana’s price experienced a recent dip in value, dropping from $22.1 to $21.62, and even going negative for some time. However, the market soon began to recover, and the cryptocurrency started regaining some of its lost value. Eventually, Solana’s price increased to $21.77, almost reaching $22 but falling just short of it.
As of May 4, 2023, Solana’s trading price stands at $21.7 with a 24-hour trading volume of $1.08 billion and a market capitalization of $8.64 billion, indicating a market dominance of 0.73%. Over the last 24 hours, SOL’s value has increased by 1.52%. Solana’s highest recorded price was on November 6th, 2021, at $259.52, while its all-time low was on May 11th, 2020, at $0.503701. The lowest price since its ATH was $8.12, and the highest price since the last cycle low was $27.16. Presently, the sentiment for Solana’s price prediction is bearish, and the Fear & Greed Index indicates a greed score of 64.
Solana’s circulating supply currently amounts to 392.77 million SOL, out of a maximum supply of 533.68 million SOL. Furthermore, the yearly supply inflation rate is currently at 17.52%, equating to the creation of 58.55 million SOL in the last year. Solana is presently ranked #3 in the Proof-of-Stake Coins sector, #2 in the Solana Network sector, and #7 in the Layer 1 sector, based on market capitalization.
SOL/USD 1-day price analysis: Latest developments
Solana price analysis reveals the market’s volatility following an increasing movement. Based on recent market trends, Solana’s price appears to be highly susceptible to significant fluctuations in either direction, indicating a potential further decline in the cryptocurrency’s value. The price movement has been confined to a narrow range, with the highest recorded price at $22 and an open price of $21.91. Conversely, the lowest price observed was $21.91, which represents a minimal change of 0.25%. Solana’s closing price for the period in question was $21.96.
At present, the SOL/USD price is trading below the Moving Average (MA) price, suggesting a bearish market sentiment. The market trend appears to be heavily influenced by bearish activity, and the SOL/USD price has been on a downward trajectory, indicating a declining market. The market seems to be making an effort to breach the moving average band, which could potentially trigger a reversal movement in favor of the bulls.
Solana price analysis reveals that the Relative Strength Index (RSI) is 46, showing a stable cryptocurrency stock. Currently, the SOL cryptocurrency is positioned within the central neutral region. Moreover, the Relative Strength Index (RSI) is indicating a downward movement, which suggests a declining market condition. The dominance of selling activities has led to a decrease in the RSI score.
Solana price analysis for 7-days
Upon analyzing the Solana price, it can be observed that the market has become more volatile following a recent closing movement. This suggests that the Solana price has become less stable and more susceptible to significant changes in either direction. The highest recorded value for Solana during the mentioned period is $22.10, with an open price of $22.01. On the other hand, the lowest price observed is $21.88, indicating a percentage change of -0.17%, and the closing value is $21.97.
The SOL/USD price is currently moving above the Moving Average (MA) price, which indicates a bullish market trend. Furthermore, recent market activity has shown bearish dynamics in the last few days, leading to negative market sentiment.
Solana price analysis shows the Relative Strength Index (RSI) to be 46, signifying a stable cryptocurrency. At present, the SOL/USD price is moving below the Moving Average (MA) price, indicating a bearish market trend. Additionally, recent market activity has exhibited bearish dynamics in the last few days, resulting in negative market sentiment.
Solana Price Analysis Conclusion
Solana price analysis indicates a declining trend, with potential for further downward activity. Additionally, the current market condition appears to be negative, indicating a bearish sentiment. Hence, it can be assumed that the bears will soon take control of the market and initiate further downward movements.
Source: https://www.cryptopolitan.com/solana-price-analysis-2023-05-04/