Solana price analysis suggests a bearish trend is continuing, with SOL/USD dropping to $21.33 after hitting a resistance level of $22.35 today. The bears are seen to be holding firm since SOL is trading on a downtrend pattern since it opened today’s trading session. Current...
The immediate support for SOL/USD is seen at $21.11, which the pair will have to defend against further losses. However, if the bears remain in control, the next major support level will be seen below the $20.00 mark. Meanwhile, resistance to any upside could be found near $22.35 if there is a reversal of sentiment in the market.
Solana price analysis 24-hour chart: SOL face rejection at $22.35
The technical indicators for SOL/USD are showing a bearish outlook with the Relative Strength Index (RSI) indicator falling to 44.85, indicating that the market is still in a bearish mood. The Moving Average Convergence Divergence (MACD) indicator has formed a bearish crossover as the signal line crosses below the 12-period EMA line. Finally, the moving average (MA) displays the red candlesticks ruling the chart, which suggests that the momentum has shifted to the downside and currently, the bears seem to be in control.
Solana price analysis 4-hour chart: Latest developments
Technical indicators such as the RSI and MACD are showing a bearish outlook in the hourly chart. The RSI is trading at 30.14, indicating that the market is in the oversold region if the buyers don’t regain control SOL could drop further. The MACD indicator is still in the negative region and the MACD line is below the signal line, which suggests a bearish mood in the market. The moving average (MA) is sloping downwards, with a value of 21.76, further suggesting that the bearish trend is continuing.