Solana price analysis continues to show a bearish trend from the past 24 hours, as price remains stuck around the $12 mark. The current trend follows from December 16, when SOL receded 12 percent to move down to $11.96. Since then, the Ethereum-alternative has been trending horizontally on the daily chart in a bearish crypto market. After trending low since early November, SOL could be set for a bullish return during the crypto winter. The immediate resistance is at $12.31 and Solana price will have to set a weekly high at $12.73 on the 4-hour price action for a breakout to materialise.
The larger cryptocurrency market remained bearish over the past 24 hours, as major cryptocurrencies recorded minor declines. Bitcoin stayed in touch of the psychologically crucial $17,000 mark, whereas Ethereum remained at $1,200. Among Altcoins, Ripple dropped 1 percent to sit at $0.34, whereas Dogecoin dipped 2 percent to sit at $0.07. Cardano also showed a bearish return, receding 3 percent to move down to $0.25, while Polkadot also dropped 3 percent to settle at $4.47.
Solana price analysis: RSI moves into oversold region on daily chart
On the 24-hour candlestick chart for Solana price analysis, price continues to trend sideways around the $12 mark and faces the next resistance point at $12.31. Over the past 24 hours, SOL has also moved below the 50-day exponential moving average (EMA) at $12.54, decreasing 2 percent to slide down to $12.03. Trading volume over the past 24 hours dropped by 23 percent, indicating a continued stagnant market for SOL.
The 24-hour relative strength index (RSI) can be seen lowering into the oversold zone at 35.77, and would need sufficient backing from buyers to form a breakout. The moving average convergence divergence (MACD) curve also shows a bearish divergence in place as the trend line can be seen on the cusp of crossing the signal line. Further invalidation of a potential bullish sentiment will be erased if price falls below the monthly low of $10.94.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-12-21/