Solana price analysis for today shows the prices opened the daily trading session trading at $83.82 and have dipped further to lows of $82.06, at the time of writing. The market is currently bearish on SOL prices as the 7-day moving average crosses below the 21-day moving average. The bearish market has been in play for the last few days as prices set to break below $80.47, the immediate support level. The current sell-off condition in the market is likely to persist as the market sentiment remains bearish.
Solana price analysis: Recent developments and further technical indications
SOL prices have been on a downtrend for the past few days as the market sentiment turns bearish. Prices are currently testing the $80.47 support level and a break below this level could see prices dip further to lows of $78.00. The market is currently bearish on SOL prices as the RSI indicator dips below the 50.00 level. A further decline in prices is expected as the market sentiment remains bearish.
Solana’s price movement in the last 24 hours indicates the prices have been moving between a range of $80.47 to $84.24 before the prices settled at the current levels.
The trading volume for the SOL market is currently at $1,888,120,317.83 while the market capitalization is at $27 billion.SOL token is currently dominating 1.66 percent as it ranks at position 8 in the entire cryptocurrency market. The bearish market sentiment has been attributed to the decline of the entire cryptocurrency market over the past few days.
The technical indicators on the 1-day price chart indications show that the 7-day moving average has crossed below the 21-day moving average, signaling a bearish market. The RSI indicator is currently at 48.65 and is trading in the oversold region, signaling that prices could see further downside pressure. The MACD indicator shows that the MACD line has crossed below the signal line, indicating a bearish market for SOL prices.
Solana price action on a 4-hour price chart: Bearish run continues
The 4-hour price chart for SOL indicates that prices have been on a downtrend over the past few days as the market sentiment has turned bearish. Prices are currently trading at $82.06 and have dipped below the $83.00 level. A break below the $80.47 support level could see prices dip further to lows of $78.00. The market is currently bearish on SOL prices as the RSI indicator is trading in the oversold region below the 50.00 level.
The SOL price has been trading below the upper Bollinger band, signaling a bearish market. Prices are expected to see further downside pressure as the market sentiment remains bearish. The MACD indicator shows that the MACD line has crossed below the signal line, indicating a bearish market for SOL prices.
Solana price analysis conclusion
To conclude, The Solana price analysis shows that the market sentiment is bearish and prices are likely to continue declining as the market remains bearish. Prices are currently testing the $80.47 support level and a break below this could see prices dip further to lows of $78.00. The technical indicators on the 1-day price chart also show that the market is bearish on SOL prices. However, the RSI indicator is currently in the oversold region, signaling that prices could see some upside pressure.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-05-06/