Solana price analysis: price levels sink down to $163 as bears maintain their lead

TL;DR Breakdown

• The Solana price analysis is bearish today.
• The resistance for SOL is present at $170.
• Support for SOL/USD is found at $161.

The latest Solana price analysis is bearish as a downtrend continues to prevail, and the price has been following a decreasing movement for the last 24 hours. The cryptocurrency has been under the bearish lead for the past few days, and the trends have been the same for today as well. The bears have been successful in maintaining their presence on the price chart, as the red candlestick is indicating a further loss in price up to $163.8.

SOL/USD 1-day price chart: bearish pressure results in declining trend for SOL

The one-day Solana price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. SOL has lost a value of 2.74 percent over the last 24 hours as the current price of SOL/USD is $163.88 at the time of writing, and SOL also reports a loss of 4.18 percent over the past week due to the continuous bearish trend. The trading volume has decreased by 13.69 percent, and the market cap has decreased by 3.42 percent, resulting in market dominance of 2.32 percent.

The moving average (MA) has also traveled low and is present at the $171 marker. The SMA 50 curve is traveling above the SMA 20 curve as the bearish trend is evidently getting stronger. The increase in volatility has taken the upper Bollinger band value to $198 and the lower Bollinger band value to $160, representing support for SOL price. The Relative Strength Index (RSI) score has moved down to the index 39 levels.

Solana price analysis: Recent developments and further technical indications

The price is headed down according to the four hours Solana price analysis and has reached the $163 position. The short-term trending line is also descending as the bears have been showing control over the market for the past few days. The last four hours have proved damaging for the cryptocurrency value, as well as the price declined on a noticeable level as it has stepped below the lower limit of the volatility indicator.

The Bollinger bands indicator is showing an average of $170 now. Whereas its upper band has been relocated to $177 point and its lower band is present at $164 point just above the price level. The strong drop in price has resulted in a decrease in RSI score as well, and currently, the indicator value has stooped down to index 33.

Solana price analysis: Conclusion

A decline in price has been observed during the day, which is why the SOL/USD has been devalued to the $163 level, and the price might touch lower points in the upcoming days, as the price on the 4-hour chart has traveled below the lower limit of the Bollinger bands so a further downwards breakdown may be on its way.

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