Solana price analysis reveals that the cryptocurrency has been facing a downward trend today as the bears are in control of the market and are likely to maintain their momentum. The bears have caused a decrease in the price up to the $13.85 level.
Solana is ranked number 14 in terms of cryptocurrency and this puts its total market cap at roughly $4,965,359,792.SOL has seen a decrease in its total 24-hour trading volume as the figure now stands at $825,867,065 which is a 54.23% drop over the last day. The price of Solana is nearer to its 24-hour high of $15.61, with its 24-hour low at $13.75.
SOL/USD 4-hour price analysis: Latest developments
Solana price analysis in a 4-hour price chart shows that the present condition of the market demonstrates a negative signal as the price moves downward. The bears are pulling down the price levels and they are still succeeding in maintaining it as the price has gone down to $13.85 at the moment.
The Relative Strength Index (RSI) is currently at 38.61, indicating that the bears are in control of the market at this time while the Bollinger bands is increasing, suggesting that further downtrends are taking place as the volatility increases. The upper band of the Bollinger bands indicator is touching the $20.23 point, whereas their lower band is present at a $14.43 margin. The MA 50 and the MA 200 are both bearish as they are both below the current market price. This indicates that the bears are in control of the market.
SOL/USD 1-day price chart: Bearish signal escalates
The 1-day Solana price analysis indicates a further decrease in the prices has devalued to $13.63 at the time of writing. The market volatility follows a declining movement, resulting in the cryptocurrency being less prone to volatile change on either extreme. The Bollinger band average is now at $6.25, whereas the upper Bollinger bands value is at $6.24, and the lower Bollinger bands value is at the $6.17 position.
The RSI indicator for the SOL/USD pair is currently at 46.81, which indicates that the market is oversold at the moment. The MA 50 and MA 200 are both below the current SOL/USD trading price, indicating bearish momentum.
Solana Price Analysis Conclusion
Solana price analysis reveals the cryptocurrency following a bearish movement that has occurred today. The bears are about to capture the market. If the bulls fail to strike back soon, the bears will engulf the market for the long term.
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Source: https://www.cryptopolitan.com/solana-price-analysis-2022-11-13/