The Solana price analysis reveals SOL prices are currently testing the lowest price level this year 2022 as it hits the $70.06 mark. The bears have been in control of the market since the beginning of this month as they push prices down from the $109 high. The bulls have been trying to defend the $70 level but have so far failed to do so. The next level of support is at $61.02, which is the lowest price level seen this year.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Bitcoin, the world’s largest cryptocurrency by market capitalization is down by 5.1 percent while Ethereum, the second-largest cryptocurrency is down by 2.63 percent.
Solana price analysis: SOL falls beyond the $75 previous support
Solana’s price movement over the last 24 hours shows a prevailing downtrend. The prices have been trading between a range of $61.03 to $75.00 with a decline of 5.63 as a further downside is anticipated. The market capitalization for SOL/USD pair is presently at $23 billion while the trading volume is $4,116,166,382.0. The intraday momentum is currently in favor of the bears as the RSI indicator is presently at 54.59. The MACD indicator shows a bearish crossover as the market prepares for further downside. The short-term resistance is seen to be at $70.15 and the support is at $61.02.
The Support levels are defined at $61.02 and $50.00 while the resistance levels are currently observed at $75.00 and $109.00. A break below the support level of $61.02 could result in prices testing the $50.00 mark while a break above the resistance level of $75.00 could see prices retesting the $109.00 high. The EMA lines are presently exhibiting a bearish crossover as the market prepares for further downside. The Bollinger bands are starting to widen as a result of the current sell-off in the market.
The current market conditions for Solana reveal a bearish trend as prices continue to bleed below the $70.10 mark. The market is expected to remain bearish in the short term with prices testing the $61.02 support level. Solana price analysis observed a decay from the $70.0 level, which is the lowest since January 8. The market is expected to continue its downtrend as the bears push prices down to the $50.00 support level.
Technical analysis for SOL/USD pair
According to the technical point of view for Solana price analysis on a 4-hour price chart, the 50-day EMA line is currently trading above the 200-day EMA line which indicates that the market is in a bearish trend. The RSI indicator line is presently located at the 35 levels, an oversold region, and is likely to head further downwards as the selling action intensifies in the market. The MACD line is seen to be crossing the red signal line from above which is a bearish sign and indicates that the market is likely to head further downwards.
The Bollinger bands are presently seen to be widening which indicates that the market is currently undergoing high levels of volatility.
The downtrend in Solana prices is expected to continue as the bears push prices down to the $50.00 support level. The market is expected to remain bearish in the short term as the current market conditions indicate further downside. The decline in SOL prices is likely to be attributed to the overall decline in the digital assets markets as it is seen most of the cryptocurrencies are trading in the red.
Solana price analysis conclusion
SOL/USD pair is currently trading at $61.03 and is down by 5.63% over the last 24 hours. The market is expected to continue its downtrend as the bears push prices down to the $50.00 support level in the short term. The immediate support for SOL is the $65 where the bulls seem to have sought refuge and a break below this level could result in prices testing the $50.00 support level. The market is expected to remain bearish in the short term as the current market conditions indicate further downside.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-05-10/