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Solana price analysis: Bears push downtrend as price levels fall to $175



The Solana price analysis is indicating a major decline in the price value today. The bears have been continually winning over the price charts, as the downtrend has been quite dominating for the market.

There has been an eminent rise in the bearish momentum as the latest update shows a decrease in price to $175. A further downtrend is to follow and it can be expected that the future might hold unfavorable circumstances for cryptocurrency.

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

The 1-day Solana price analysis chart is indicating a bearish trend for the market today, which has been quite unexpected. The price levels have downgraded abruptly, which has interrupted the continual bullish lead. Nonetheless, the reversal has been surprising as the further upgrade was predicted in the first place.

The bears have pulled down the price to the $174.21 level today, which is definitely shocking for the onlookers. This value is still above the moving average (MA) value which is still standing at $161 because of the bullish trend that followed last week.

Solana price analysis: Bears push downtrend as price levels fall to $175 1
SOL/USD 1-day price chart. Source: TradingView

The volatility has also increased and the Bollinger bands are keeping their average at $121.01. Furthermore, the upper Bollinger band value has moved up to $202 while its lower value has gone up to $40.35. If we talk about the Relative Strength Index (RSI) score, then it is still at a very high position i.e. 76.55, above the over-bought limit.

The SMA 20 curve is still also going above the SMA 50 curve because of the overwhelming bullish trend in the last week. SOL/USD lost 17 percent value in the last 24 hours.

Solana price analysis: Bears continue dragging price levels towards support

The 4-hours Solana price analysis shows that the bearish activity is still following up for cryptocurrency. The price levels have been dropping continuously and there is a great chance that they will touch the support level soon.

Earlier the day, the bulls have made successive attempts of going past the resistance at $214.74, but have failed because of the sudden drop in the price.

The bearish slope has been steady till now, as the price has lowered today as well till $175. While the moving average is still way above the price value and is standing firm at $191.4. The short-term trending line is going downwards as well, confirming the bearish supremacy.

Solana price analysis: Bears push downtrend as price levels fall to $175 2
SOL/USD 4-hours price chart. Source: TradingView

The volatility has loosened up and has increased in the last hour, which is a relatively negative hint for the future. The Bollinger bands, on the other hand, are maintaining their average at $183.53 of value.

Whereas their upper value is present at the $214.74 level while their lower value is present at $152.33, respectively. The RSI score has also decreased significantly and is now standing at 49.20 which is a quite neutral value.

Solana price analysis conclusion

The given 1-day and 4-hours Solana price analysis is dictating that a sharp drop in the price levels has occurred today. The bears have been successfully maintaining their upper position, and today the price value has lowered further to $175.

There stands a strong chance of the price levels going below the $152.33 support as well if the current trend continues in the future.

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