The Solana price analysis for today shows that the market conditions have turned bearish and prices have slipped below $32.08. The cryptocurrency has found some support at $31.68 but it remains to be seen if this will be enough to turn the tide in favor of the bulls.
The bears have been in control of the Solana markets after encountering bullish pressure around $33.21. Since then, the price has been on a downward spiral and is currently trading below the $32 level. The 24-hour volume is reported to be $836 million and the market cap is at $11 billion.
SOL/USD 1-day price chart: Bearish trend intensifies
The one-day Solana price analysis is showing a bearish trend for today as the price has depreciated today as well. The bearish momentum has been continuing over the past few days, and today, the trend is the same. The price has been lowered to the $32.08 level after the latest drop. The crypto pair has been at a loss of 0.45 percent for the last few hours.
The moving average indicator (MA) is present at the $32.13 level, and the exponential moving average (EMA) is placed at the $32.24 level. The Relative Strength Index (RSI) indicator is currently at the 47.23 level, which indicates that the market conditions are bearish and prices may continue to decline in the near term.
4-hour Solana price analysis: Bears heighten pressure as prices find support at $31.68
The hourly Solana price analysis shows a considerable decrease in SOL/USD price has been observed during the last 4 hours. The price breakout was upwards, but it started to retrace after facing rejection at $33.17. Prices have found some support around $31.68 but it remains to be seen if this will be enough to turn the tide in favor of the bulls. For now, the bears are in control of the Solana markets and may continue to push prices lower in the near term.
The exponential moving average (EMA) in a 4-hour timeframe is placed at the $32.20 level which is near the current market price, indicating that the bearish pressure is still present in the market. The RSI curve is headed downwards at index 47.56, as the bearish pressure seems immense.
Solana price analysis conclusion
The Solana price analysis report shows a downward movement in price as the market conditions have turned bearish. The cryptocurrency is currently trading at $31.68 and it remains to be seen if this level will act as a support for prices. If the bears remain in control, prices may continue to decline in the near term. But the bulls may also make a comeback and push prices higher if they are able to gather enough strength.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-09-23/