SOL loses value after strong bearish interference to $20.85 – Cryptopolitan

Solana price analysis for March 25, 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 $22.58 to $20.41, 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 $20.85, almost reaching $21 but falling just short of it.

As of March 25, 2023, the Solana cryptocurrency is valued at $20.85 with a 24-hour trading volume of $1.07B and a market capitalization of $8.09B, giving it a market dominance of 0.70%. Over the last 24 hours, SOL has decreased by 1.39%.

Solana’s highest recorded price was on November 6, 2021, at $259.52, while its lowest recorded price was on May 11, 2020, at $0.503701. The lowest price since the all-time high was $8.12 (cycle low), and the highest SOL price since the last cycle low was $27.16 (cycle high). Currently, the market sentiment for Solana’s price prediction is bearish, and the Fear & Greed Index shows a greed score of 64.

The total circulating supply of Solana is currently 383.78M SOL out of a maximum supply of 533.68M SOL. The yearly supply inflation rate is 18.76%, resulting in the creation of 60.62M SOL in the last year. Among Proof-of-Stake Coins, Solana is ranked #4 in terms of market capitalization, #2 in the Solana Network sector, and #7 in the Layer 1 sector.

SOL/USD 1-day price analysis: Latest developments

Solana price analysis reveals the market’s volatility following an increasing movement. The current trend in Solana’s price indicates an increased susceptibility to significant fluctuations in either direction, suggesting a further decline. The cryptocurrency’s price has shown a narrow range of movement, with the highest price recorded at $21.12 and an open price of $20.94. In contrast, the lowest price observed was $20.82, reflecting a minimal change of 0.75%, and the closing price was $21.10.

The SOL/USD price is currently trading below the Moving Average (MA) price, indicating a bearish market sentiment. The market trend seems to be predominantly influenced by bearish activity. The SOL/USD price has been trending downwards, depicting a declining market. The market seems to be attempting 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 48, showing a stable cryptocurrency stock. The SOL cryptocurrency is currently situated in the central neutral region. Additionally, the Relative Strength Index (RSI) appears to be moving linearly, suggesting a stable market condition. The balance between buying and selling activities has resulted in a dormant 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 implies that the Solana price has become less stable and more prone to experiencing significant changes in either direction. The highest value recorded for Solana is $21.12, with an open price of $20.77. Conversely, the lowest price observed is $20.76, indicating a percentage change of 1.45%, and the closing value is $21.08.

The SOL/USD price is currently moving below the Moving Average (MA) price, which indicates a bearish 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 43, signifying a stable cryptocurrency. This implies that the Solana cryptocurrency is situated in the central-neutral region, with balanced market sentiment. However, the Relative Strength Index (RSI) has shifted to a downward movement, suggesting a bearish trend. Additionally, the decreasing RSI score indicates dominant selling activities in the market.

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.