- Over the daily price chart, the SOL price was in an uptrend until being crushed by the bears.
- The technical indicators show an oversold which can be a precursor of attracting buyers.
- The SOL/BTC pair is at 0.001651 BTC which is at a conspicuous loss of 5.46%
The SOL price after moving on an uptrend movement which got smashed by the bears, over the daily price chart. The bears left a taste of defeat for the bulls and the major reason for the bearish dominance over the chart is the falling BTC price, as the BTC is the leader crypto currency rest altcoins are also rallying bearish.
This bearish rally has smashed all the previous recovery efforts by the bulls and made the price fall approx 27% in 6 days which is more than the recovery made by the bulls. So to oppose this dominance all the bulls need to come together in order to make some consistent efforts and a successful reversal. Still, the coin managed to secure the #9 position in the cryptocurrency market.
The current price for one SOL coin is trading at $36.34 which is a big decrease of 11.05% in its market capitalization in the last 24 hrs. The coin has a trading volume of 1.3 billion which is at a small gain of 2.52% in the 24 hrs trading session and has a market cap of 12 billion. The volume market cap ratio is 0.1022.
Short-term View for SOL
While observing the short-term (4 hrs) price chart we can observe the same strong downtrend movement, which needs to be supported soon, or else the coin may face a collapse.
The MACD indicator over the daily price chart shows the domination of sellers as the sellers’ signal line is moving above the buyers’ line with an increase in gap between them along with the histograms showing the extent of the domination. The relative strength index is indicating the huge extent of oversold over the hourly price chart. The RSI value is nearly equal to 20.
Conclusion
The SOL price after moving on an uptrend movement which got smashed by the bears, over the daily price chart. This bearish rally has smashed all the previous recovery efforts by the bulls and made the price fall approx 27% in 6 days which is more than the recovery made by the bulls. The technical indicators are indicating an oversold whereas this can be a pioneer of an uptrend movement as it can attract buyers.
Technical levels
Resistance levels: $43.62 and $48.7
Support levels: $31.8 and $25.7
DisclaimerÂ
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/22/solana-price-analysis-this-bearish-market-is-trapping-the-investors/