SOL Price Analysis: Solana bulls found wanting support
•SOL/USD is currently priced at $30.09 and has decreased by 5.02% over the past day
•The trading volumes have decreased by 46.29% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Solana provides dwindling returns for investors
The Solana price today is $30.09 USD with a 24-hour trading volume of $758,220,844 USD. Solana is down 5.02% in the last 24 hours.The trading volume has decreased by 46.29%. whereas the Volume to Market Cap Ratio stands at 0.07041.
The Solana Price is in a downtrend currently and is transacting below the 20,50 SMA on the four hour chart as the asset has come under heavy influence from the bears. The trading volumes have reduced over the past day as the demand for Solana has shrunk, and thus, has had an adverse effect on the altcoin. The continuation of the downtrend would take the asset below the support level placed at $28..On the flip side, the resistance for the altcoin is placed at $33.
Long Term View for Solana
The Solana Price bearish rally is in full swing as is evident by the increasing size of the red histograms. The MACD and signal lines also depict underlying bearishness as they continue to transact in the negative zone. On the other hand, the RSI is currently standing at 38.40 and is rapidly heading towards the oversold territory.
The Solana price is currently in a downtrend and possibly will continue to form lower heights for some time, yet the coming days might turn in towards bullish favour as indicated by the technical indicators.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.