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.

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SOL/USD 1-day price chart Source: CoinCodex

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.

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SOL/USD 7-day price chart Source: CoinCodex

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.

Source: https://www.cryptopolitan.com/solana-price-analysis-2023-03-25/