The cryptocurrency has found some support at $31.50.
After facing bullish pressure at $33.00, the bears took control of the Solana markets. The daily Solana price analysis provides a clearer picture of Solana's recent price action. If the current support line breaks, the next level of support is expected to be around $26.
The hourly Solana price analysis shows that the price dropped to $29 earlier. However, it was just brief, and it quickly recovered. Technically, we may consider that the support at $30 has already been broken. However, when SOL/USD bounced back up after testing it, support remained strong.
The daily Solana price analysis suggests a bearish trend for today, as the price has also dropped today. The bearish momentum has continued over the last few days, and the pattern continues today. Following the most recent drop, the price has been reduced to $31.75. For the previous few hours, the crypto pair has lost 1.91 percent.
The hourly Solana price analysis shows that the SOL/USD price has dropped significantly in the recent four hours. The price broke out to the upside, but it began to retrace after facing resistance at $33.30. Prices have found some support around $31.50, but it remains to be seen if this will be enough to shift the balance in the bulls' favour. Bears now control the Solana markets and may continue to drive prices down in the near term.
The Relative Strength Index (RSI) is now at 45.13, indicating that market conditions are bearish and that prices may continue to fall in the near term. The 4-hour exponential moving average (EMA) is placed around $31.75 (near the current market price), indicating that bearish pressure is still present in the market.
The 4-hour Solana price analysis chart shows how horrible the market is right now. The MACD indicator's histogram is ready to entering the reds following a crossing. Solana is still hovering at the support line. At this time, it appears that the bulls are completely tired, preventing SOL/USD from rebounding further. This is not a good sign since bearish momentum could eventually take over and cause the price to fall much more. As a result, the bottom has not yet been reached.
According to Price Analysis, The market capitalization of this SOL is estimated to be $11,255,440,257. The 24-hour trading volume for the coin is around $840,318,174. SOL market capitalization has fallen by 1.40%. However, trade volume decreased by 34.37% during intraday trading. The market capitalization to volume ratio is 0.07466.
On the upside, the price is facing resistance at $32.70. The major resistance is found near $34.00. A break over $34.00 might jump a strong rise towards $36.00. Any more advances might open the door for a move towards the $38.00 level.
If SOL fails to break through the $32.70 resistance level it may begin a new fall. On the downside, The next major support level is at $30.00. A breach below the $30.00 support level may increase selling pressure. SOL's price might fall to around $26.00 in the near future under the aforementioned scenario.
KEY LEVELS :
RESISTANCE LEVEL : $33.50-$36.00
SUPPORT LEVEL : $30.00-$28.00
Will SOLANA fall below $30 as bears gain control over bulls? Have you seen this chart?