Recent Solana price analysis has been bearish as the cryptocurrency has fallen below a key resistance level. The digital asset is currently trading at $14.24 and is down by 0.87 percent in the last 24 hours. Support for SOL/USD is present at $13.71 while resistance lies at $14.56. The 24-hour trading volume for the coin is $487,657,074 ,and the market capitalization is at $5,158,220,055.
The digital asset has been on a downtrend since the beginning of today as it failed to break out above the $14.56 level. But later the bullish momentum was seen for a short period as the cryptocurrency managed to cross above the $14.45 level.
SOL/USD 4-hour price analysis: Latest developments
The hourly chart for Solana price analysis shows that the cryptocurrency is facing stiff resistance at $14.24 and has also managed to cross above this level. However, it has failed to sustain gains and has fallen back below the $14.24 support level, indicating a bearish trend. The Market has formed a descending channel pattern, indicating a potential downward trend.
The 50 SMA is also below the 100 SMA, which is indicative of a bearish trend. However, both these moving averages have started to converge, suggesting that a trend reversal could be possible in the near future. The MACD indicator on the 4-hour chart is showing increasing bearish momentum. The RSI follows a downward movement that reflects a decreasing market. The selling activity has exceeded the buying activity causing the RSI score to decline.
SOL/USD 1-day price chart: bearish strike deflated the price to $14.24 level
The 1-day Solana price analysis is showing a downtrend for the price function once again. The bears have managed to secure a win in the last 24 hours as the price has undergone a reduction of up to $14.24 in the last 24 hours. Although the bulls were able to sustain their lead in the past few days, today’s trend has been strongly on the bearish side yet again.
The 50 SMA is currently at $14.51, which is below the 100 SMA of $14.65. Both these moving averages keep on diverging, suggesting that a bearish bias will remain for the price back to the $13.71 level in the near future. The MACD indicator shows an increasingly bearish trend as it becomes more angled over time. The RSI is also pointing downward, indicating generally bearish momentum in the market. The selling activity has exceeded buying activity causing the RSI score to drop. All of these indicators suggest that Solana’s price will face further volatility and a possible downside risk over the next few days.
Solana price analysis conclusion
A downturn in Solana price analysis has been observed in the last 24 hours, as the bears have been regaining strength resulting in a heavy sell-off. The price has been pulled down to the $14.24 level after the sudden trend reversal. The crypto pair also went under devaluation during the last four hours as well, which means that a further downfall may be ahead. If the downtrend continues, SOL may retest the next support present at the $13.71 level.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-11-17/