Solana price analysis shows that the coin is currently in a bearish trend as it plummets to $20.85. This is after the digital asset enjoyed bullish action and touched the $21.21 level yesterday. However, the bears have taken control, and Solana is now in the red for the day. The immediate support is found at $20.62. A break below this level could see SOL prices retesting the $20.80 level. On the other hand, if prices manage to break above the $21.31 level, it could open the door for a move toward the $21.21 level. In order for Solana to move higher, bulls will need to step up and reclaim control of the market from bears. If they are able to do so, then Solana will likely move back up closer to the $21.21 level.
The one-day Solana price analysis shows that a bearish trend currently controls the market as a loss in coin value is observed. The support level for the coin is at $20.62, and a break below this could push SOL prices toward their next support level of $20.60 and $20.58, respectively. On the other hand, if bulls are able to reclaim control of the market, then Solana could move back up to its immediate resistance level of $21.62 and then on to its next resistance level of $21.65. The Bollinger Bands in this timeframe are relatively close together, which is an indication of low volatility in the market. The upper Bollinger Band is located at $25.78, while the lower Bollinger Band is at $20.11.
The relative strength index (RSI) is currently at 48.17 and is trending downward, which indicates that selling pressure is currently outweighing buying pressure in the market. This could indicate a further dip in prices if the trend continues. The 200-day SMA line is below the 50-day SMA line, which is an indication that the market is in a bearish trend. The 20-day SMA line is currently located below the other two moving averages, which is a sign that the bears are in control of the market.
SOL/USD 4-hour price chart: Latest development
The 4-hour price chart for Solana’s price analysis shows that SOL is currently in bearish sentiment. The SOL/USD was corrected after a slight bullish price movement yesterday. The SOL is trading hands at $20.85 at the time of writing. The pair has lost 1.76 percent of its value over this time period. The 24-hour trading volume for the digital asset is around $287 million, and the total market capitalization is approximately $7.987 billion.
The moving averages shown on the 4-hour chart are all in a bearish alignment, with the 20-day SMA ($20.69) located below the 50-day SMA ($20.83) and the 200-day SMA line ($21.00) located below them both. The RSI score is 38.58, which indicates that the market is currently in oversold territory and could be due for a correction soon. The Bollinger Bands are also close together, with the upper band at $21.53 and the lower band at $20.69, both of which indicate low volatility in the market.
Solana price analysis conclusion
In conclusion, Solana’s price has been in a bearish trend, and the market currently has low volatility. If bulls can take control of the market and push prices back up to their immediate resistance at $21.31 or higher, then SOL could see some positive price action soon. In the meantime, traders should be aware of the risk of further losses if the bearish trend continues.
Source: https://www.cryptopolitan.com/solana-price-analysis-2023-03-06/