Solana price analysis: SOL price slips to $84 as bears maintain the downtrend

TL;DR Breakdown

• The Solana price analysis is bearish.
• Bears have taken the price levels down to $84.2.
• Support for SOL/USD is present at $79.2.

The Solana price analysis is bearish as the price has further declined today. The price levels have reduced to the $84 range, a steady decline is SOL price has been going on for the past week, yet yesterday bulls tried to make some recovery, but today bears have taken the lead back and the downtrend has been restored again. Further decline in price levels s also expected in the coming hours.

SOL/USD 1-day price chart: Bears successfuly takes the lead back

The 1-day Solana price analysis shows the cryptocurrency is following the downtrend again, as bears have regained their momentum after just one day of bullish activity. The coin value has started to decline again as it has reached down to $84.2 losing more than 18 percent value. As the trend remained downwards for the last week, the coin reports a 42.50 percent loss over the last seven days. The trading volume is almost the same with an increase of only 0.85 percent.

The volatility is increasing at a massive scale, which is not a positive indication for the future of cryptocurrency as the lower limit of the volatility indicator is showing more divergence downwards, and it has reached $94 level, still quite above the price level indicating resistance for SOL’s price function. The upper limit of the Bollinger bands is at the $172 mark, which shows the prevalence of the volatility. The moving average (MA) is at the $120 mark far higher than the current price level. The relative strength index (RSI) is trading in the undersold range since 21st January and has reached index 21 which shows the high bearish pressure on the SOL price.

Solana price analysis: Recent developments and further technical indications

The 4-hours Solana price analysis is indicating that the bearish momentum has resulted in a further decline in the price value. The price has dropped to $83.7, as the trend remained bearish for today after the last bullish activity recorded during the last four hours of the last trading session.

The bearish momentum seems to be intensifying in the upcoming hours, as the moving average (MA) is also at a greater height as compared to the current price i.e. $83.7. Also, the Bollinger bands values in the 4-hours price chart are as follows; the upper Bollinger band is at $122, whereas the lower Bollinger band is at $77, respectively. The RSI has declined to index 26 after entering the undersold zone today on the 4-hour chart.

Solana price analysis conclusion

The Solana price analysis shows the bearish pressure continued for the past week which decreased the price levels to the recent price level of $83.7. The bearish trend seems to be extending in the future and we expect SOL to continue downside for the next 24 hours.

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