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Solana price analysis: Selling pressure forms as SOL price steps down to $14.6

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The Solana price analysis is indicating a decline in the price today. The bears have won the leading position as the selling pressure has formed again and the price is decreasing again.

Since 22 November 2022, there has been a noticeable increase in the price of the cryptocurrency as after finding support, the price was recovering quickly. The most recent report, however, indicates that the price has dropped to $14.16. It is anticipated that a further decline will occur, and the price will keep covering a downward range for today.

SOL/USD 1-day price chart: Solana experiences its first drop after a successive streak

Given that the price came close to the resistance zone, the 1-day Solana price analysis chart is showing a bearish trend for the market today, which was to be predicted. The ongoing bullish lead has been broken by the beginning of a downward trend in price levels. Nevertheless, the reversal temporarily halted the recovery progress.

The bears have pulled down the price to the $14.16 level today, as it lost 1.16 percent value during the last 24 hours. However, the coin’s price is still above the moving average (MA) value, which is still standing at $13.25 because of the bullish trend that followed during the last few days. The SMA 20 curve is still also going below the SMA 50 curve because of the overwhelming bearish trend that was evident over the last two weeks.

Solana price analysis: Selling pressure forms as SOL price steps down to $14.6
SOL/USD 1-day price chart. Source: TradingView

The volatility has also decreased, and the Bollinger bands are keeping their average at $16.20. Furthermore, the upper Bollinger band value has moved down to $27.45, representing the resistance, while its lower value has gone up to $4.95, representing the support. If we talk about the Relative Strength Index (RSI) score, then it is still in the lower neutral range at index 36.

Solana price analysis: recent developments and further technical indications

The 4-hour Solana price analysis shows that cryptocurrency is still experiencing negative market sentiment. The price levels have been steadily declining, and there is a strong likelihood that they will do so in the future. The price dip earlier prevented the bulls from succeeding in their attempts to go past the barrier at $14.55.

Solana price analysis: Selling pressure forms as SOL price steps down to $14.6
SOL/USD 4-hours price chart. Source: TradingView

As the price settles on the lower side at $14.15, the market is still under selling pressure. While the price value is above the moving average, which is trending at $14.36. The fact that the short-term trending line is moving down also supports the bearish dominance.

In the past hour, the volatility has loosened up and grown, which is a pretty unfavourable sign for the future. On the other hand, the Bollinger bands are keeping their average at $14.15, with their upper and lower values, respectively, being present at $15.63 and $11, respectively. Additionally, the RSI score has drastically dropped and is currently standing at 56, which is a fairly neutral value.

Solana price analysis conclusion

According to the 1-day and 4-hour Solana price analyses provided, there has been a decrease in price today. The rising price trend has once more been halted today as a result of the bears’ successful maintenance of their resistance. If the selling pressure persists in the upcoming hours, there is a good risk that the cryptocurrency price levels will fall even further, possibly toward the $13 zone.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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