The Solana price analysis is revealing a bearish trend for today as a further decrease in price has been observed. The price has been devalued to $42.8 today as well after encountering a loss yesterday also. The SOL/USD has been on a downtrend since 14 August 2022, and today the price is still on a decreasing trend, continuing the downwards wavy pattern which can be seen on the charts since 10 June 2022. The coin will hopefully start to recover in the coming days as the correction ends.
SOL/USD 1-day price chart: Bearish trend intensifies
The one-day Solana price analysis is showing a bearish trend for today as the price has depreciated today as well. The bearish momentum has been continuing over the past few days, and today, the trend is the same. The price has been lowered to the $42.8 level after the latest drop. The crypto pair has been at a loss of 6.45 percent for the last 24 hours but still reports a minimal profit of 0.76 percent if observed over the past week. The moving average indicator (MA) is present at the $34.8 mark above the price level.
The volatility has been mild for a long time, and the situation is the same volatility-wise. The upper Bollinger band value is $46.3, which represents resistance, whereas the lower Bollinger band value is $37.9, which represents support for the cryptocurrency price. The Bollinger bands are maintaining an average of $42.1, just below the current price level. The Relative Strength Index (RSI) is present at index 52 in the neutral region, indicating unfavorable circumstances for SOL, as the downwards curve of the indicator shows the selling activity in the market, which is depreciating its value.
Solana price analysis: Recent developments and further technical indications
Yesterday’s drop in price has been quite damaging to the market value of SOL. The current price is still below the moving average, whose value is present at the $44.1 mark on the 4-hour chart. The price is going down once again as a bearish trend has been observed to be strengthening during the last four hours. A steady decline in price levels can be seen on the charts as the price has been following a bearish movement for the last 48 hours.
The Bollinger bands indicator average has decreased to $45.5, whereas the upper Bollinger band is showing a $48.4 reading, and the lower band is showing a $42.5 reading, representing high volatility range for SOL. The RSI curve is headed downwards at index 41, as the bearish pressure seems immense.
Solana price analysis conclusion
The Solana price analysis report shows a downward movement in price has been observed during the last 24 hours, which is a continuation of the bearish trend. The price has dropped down to the $42.8 level because of the constant downtrend that has been following for the past few days and seems to be intensifying today. The price might go lower in the coming hours as the last candlestick on the four hours price chart is also red, and the RSI curve is also steeply downwards.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-08-16/