Solana Price SOL price is still above $38.88 amid the bearish winds, according to our analysis. Her Solana’s movements over the past 24 hours show the price opened the daily trading session at his $38.30 low and then held near his $38.88 with a slight decline of 0.96%. . Solana Price The analysis also shows that the coin’s market cap has also decreased slightly to $13 billion, with a 24-hour trading volume of $1.61 billion. The bulls are trying to break below $38.88 but are facing stiff resistance at $40.73.
SOL/USD 1-Day Price Analysis: Bears Mount Pressure
Solana price analysis on the daily chart reveals that the price formed a bearish candlestick pattern during yesterday’s trading session, leading to today’s plunge in price.The 50-day moving average is currently at 38.30. The dollar offers support and if the price breaks below this level, the SOL price could plunge towards $37. The coin’s immediate resistance is $40.73, and if the bulls can push the price above this level, SOL’s price could rise towards $42.
The MACD indicator is currently in a bearish zone, indicating further price declines. The RSI indicator is also trading near the oversold levels, which could lead to price rebound in the short term. It shows that it may continue to fall.
SOL/USD 4-Hour Price Analysis: Price Drops to $38.88
Solana price analysis on the 4-hour chart shows that SOL/USD has been trading in the descending channel for the past few hours. The price is trading below both the 50 and 200 period moving averages, which is a bearish sign. The bulls may try to push the price towards resistance at $40.73, but face strong selling pressure at this level.
The 4-Hour Moving Average Convergence Divergence indicator has broken below the center line which is a bearish sign. The RSI indicator is currently trading at 55.97, which suggests that the price may consolidate soon before making further moves. The descending channel on the 4-hour chart is a bearish continuation pattern, indicating that the price may continue to fall towards $37.
Solana price analysis conclusion
In conclusion, Solana’s price analysis shows that the price may continue to fall in the short term as the bearish trend continues. Investors should wait for the price to stabilize before making any further moves. The Bulls and Bears are currently locked in a tug-of-war, and it remains to be seen which one will win. The daily and 4-hour charts are currently showing a bearish outlook for the coin, with further declines likely if the price breaks below $38.30.
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