Solana price analysis: Price drops to $211 as SOL sheds two percent

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The Solana price analysis is on the bearish side today, as the price is going down again today. The last two days proved significant for the crypto pair as it recovered well during this time, but today again, the bears have taken the lead.

SOL/USD pair is also following the market trend, as most of the cryptocurrencies are depreciating today along with the behemoths Bitcoin and Ethereum. However, there are some exceptions as well, as some coins are still gaining value, with Avalanche and Crypto.com coin topping the charts with 18 and 11 percent gains, respectively.

SOL/USD 1-day price chart: SOL depreciates by two percent

The 1-day Solana price analysis shows a decrease in price today as the coin covered range downwards. The SOL/USD pair traded between the range of $219 to $211. The SOL is trading hands at $211.94 at the time of writing and reports a loss in value amounting to two percent during the last 24 hours, and also shows a major loss of 10.20 percent over the past week. The trading volume has also decreased by more than 36 percent. The market cap has also suffered by 1.99 percent.

Solana price analysis: Price drops to $211 as SOL sheds two percent 1
SOL/USD 1-day price chart. Source: TradingView

The volatility is mild as the Bollinger bands have converged slowly, with the upper band at the $262 mark and the lower band at the $201 mark representing support for SOL. The mean average of the indicator is at the $231 mark, which represents resistance for SOL/USD.

The relative strength index (RSI) has started moving downwards today again after maintaining its position yesterday. The RSI is trading at index 48, indicating the selling pressure in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour Solana price analysis shows the price breakout was downwards at the start of today’s session and the price was plunged down to $211.66. After that, bulls made some recovery, but the bears have taken the lead again and are defining the price movement at the time of writing.

Solana price analysis: Price drops to $211 as SOL sheds two percent 2
SOL/USD 4-hours price chart. Source: TradingView

The volatility is high on the hourly chart as the Bollinger bands cover more area, with the upper band at the $224 mark and the lower band at the $192 mark, making an average at the $208 mark representing support for the SOL/USD. The moving average is present at the $213 mark, and the RSI is on a downslope at index 48 in the lower half of the neutral zone.

The technical indicators for Solana are also inclined towards the bearish side, as nine indicators signals selling and eight indicators give buy signals for SOL, thus favoring the bearish side with one extra vote. The remaining nine technical indicators are standing neutral and do not issue any signal.

Solana pricea analysis: Conclusion

The Solana price analysis confirms a bearish trend for today, and further degradation might be on its way as the short-term technical indications are for bears as well. If the selling pressure continues, then SOL bulls may look for support around a $208 handle.

Source: cryptopolitan.com

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