TL;DR Breakdown
Price has decreased to $93.55.Solana price analysis shows downtrend.Support for cryptocurrency is $84.
The most recent Solana price analysis predicts a strong bearish trend for the day as the price covered a downward movement. The bears have been controlling the price trends for the past week, and today the price faced a bearish reduction once again. After the latest bearish drift, the price levels have plunged to $93.55 bottom. It seems that the current downtrend will intensify further as the sellers are trying to make way for their wins.
SOL/USD 1-day price chart: Downside continues as bears drag price to $93.5 low
The one-day Solana price analysis favors the bears as a drop in cryptocurrency value has been recorded in the past 24-hours. The bears have been in the leading position for the past week, and the price has been following a constant downward movement. The price has been brought down to $93.55 low because of the latest bearish turn, and further devaluation in coin value seems close. Meanwhile, the moving average (MA) value rests at $107.39.
SOL/USD 1-day price chart. Source: TradingView
The short-term trending line is moving descendingly, yet another indication of the downward trend. At the same time, the upper value of the Bollinger bands indicator occupies the $120.95 position while its lower value is present at the $84.04 position. The Relative Strength Index (RSI) score has declined up to the 35.27 mark, and further decrease is highly anticipated.
Solana price analysis: Price downgrades up to $93 amidst bearish trial
The hourly Solana price analysis gives the lead to the bears well as the price has been under the bearish shadow for the past few hours. A constant reduction in SOL/USD market value has been observed over the past four hours, as well as it moved down to a $93.32 low. It seems that the current decreasing trend will extend further in the approaching hours as the selling momentum is gaining strength. Moreover, the moving average value in the hourly price chart is $95.75.
SOL/USD 4-hour price chart. Source: TradingView
The Bollinger bands indicator shows the following values; the upper extreme occupies the $111.17 mark, whereas the lower extreme is present at the $88.71 mark. The average value of the Bollinger bands indicator is present at the $99.94 position. Moving on towards the RSI score, it plunged to 30.23 low after the latest bearish slide.
SOL/USD technical indicators chart. Source: TradingView
The technical indicators chart for SOL/USD is giving out a negative hint regarding the price trends that have taken place over the past few weeks. The bears have been on the winning side as 14 indicators are on the selling level, ten are on the neutral level, and only two are there on the buying level.
The moving average indicators are giving a strong bearish signal. We can spot 13 indicators present on the selling position while one indicator each sits on both of the neutral and buying positions. On the other side, the Oscillators are displaying a neutral signal regarding the current price trends. A total of nine indicators are present on the neutral edge, while one indicator is there on the selling and buying edges.
Solana price analysis conclusion
The given hourly and daily Solana price analysis confirms a strong bearish trend for the day. The cryptocurrency value faced a substantial decline in the past 24-hours due to the selling pressure. The coin value is now $93.55, and the chances of further loss seem quite close.
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