Solana (SOL) Slides to $36.8 Following Bearish Dynamics – Price Analysis

  • Solana price presents partial bullishness.
  • SOL’s resistance stands at $39.6.
  • The alt has steady support at $32.4.

Solana’s price outlook reveals a partial bullish pressure with a chance of more bearish undertakings. Bears appear to control the Solana market and will likely keep their lead, translating to more SOL drops in the upcoming days. Meanwhile, the bearish regime will see the token extending downward soon. Moreover, SOL has declined to $36.5 from $38.2 and has stayed around that vicinity.

Solana encountered negative actions around the $37 level and exhibited bearish tendencies. While publishing this blog, the alt traded at $36.8, dropping 3.50% within the past 24 hours. SOL’s trading volume stood at $983,099,457. The alt has a market cap of $12,696,899,066. Solana ranks 9th in the crypto list by value.

SOL/USD 4Hr Timeframe: Recent Developments

Solana’s price outlook shows prevailing market conditions triggered downward price reactions. Furthermore, the token remained less susceptible to volatile changes towards either extreme as volatility stayed weak. Meanwhile, the Bollinger band’s upside limit represented a massive resistance at $39.2. Contrarily, the lower BB served as the SOL support at $32.4.

SOL/USD has price actions beneath the MA curve, suggesting bearishness within the market. Nevertheless, the asset has seen declined volatility today. Furthermore, the alternative token appears to head towards support, indicating a potential reversal, which might overcome the bearish trend. Solana remained stable as its Relative Strength Index read at 54, swaying in the topside neutral level. Also, the indicator’s score moves upside, suggesting dominant buying activity.

SOL/USD 24Hr Timeframe

Solana joined bullish waves over the past few days. Nevertheless, the altcoin sees reduced volatile changes as volatility closes. That means prices are less susceptible to fluctuations. Thus, the upper BB at $38.6 acts as a resistance, while the lower limit serves as a support at $31.7. The 24hr RSI stands at 50 but follows a declining trend, suggesting a slumping market and fading dynamics. Moreover, the plunging RSI score shows selling momentum surpassing buying activity.

Final Thought

Solana’s price reveals partial bullishness with a massive downward room in the upcoming days. SOL bears are ready to dominate the space, and bulls’ failure to react would mean long-term bearishness. Bulls should propel massive uptrends to shift the current dynamics.

Editorial credit: Dennis Diatel / Shutterstock.com

Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.

Leave a Reply