The Solana price analysis shows that bearish momentum is on the go, as the price levels are falling down today. The past few hours have been unsupportive for the bulls, yet the most recent update is notifying about the bearish supremacy as the coin’s value has decreased.
The price has decreased to the level of $34.7 , which marks a great difference in the trend. Yet, the price has not reached its critical limits and is still above the support level, which is $34.
SOL/USD 1-day price chart: Three percent decrease observed in price value
The one-day price chart for Solana price analysis shows cryptocurrency values are going in the bearish direction after slight retraces from the bullish side in the past few days. Today’s trend is on the bearish side, as the price is gradually decreasing and has come down to $34.7, reporting a three percent loss of value over the last 24 hours and an 8.8 percent loss over the past seven days.
The Moving Average (MA) in the 1-day chart is at $35.8, which is relatively at a higher level as compared to the current price value. The volatility is increasing as well, which seems to be a negative sign for the future as the lower band is moving more downwards, while the upper band is almost maintaining its position at the $47 level representing resistance, whereas the lower band at $31.9 level represents the strongest support for the cryptocurrency price. The Relative Strength Index (RSI) remains an important indicator, and it is facing a downfall as well to 37 as the selling pressure is there.
Solana price analysis: Recent developments and further technical indications
The four-hour Solana price analysis chart shows the cryptocurrency progress is going strongly bearish, and the bears are expected to downgrade the coin value even further. The price has decreased considerably to $34.7, and the short-term trending line is also moving in the descending direction.
The moving average is just above the price at $35.4. The volatility is mild; the Bollinger bands stand at an average of $35.4, whereas its upper band is present at the value of $36.4, and its lower band has reached $34.4. The RSI score is gradually decreasing as well and has lowered to index 41 in the 4-hour price chart.
The SOL/USD technical indicators are showing sell signals mostly, as the pressure from the sellers has been overwhelming. There are a total of 15 indicators highlighting selling options, nine indicators stand neutral, and the remaining two indicators show buy options out of a total of 26 technical indicators.
Solana price analysis: Conclusion
The given 1-day and 4-hour Solana price analysis shows that the bearish momentum is intensifying gradually. After the bullish strike observed yesterday, the bears have secured their lead once again as the price has decreased to $34.7.
There is an imminent possibility that the cryptocurrency will find support in the $34 range, but the bears will continue dominating the price charts for today. But, if more and more buyers decide to approach the market, then the bearish supremacy could be overturned as well.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-08-26/