Solana price analysis: SOL price observes a crash down at $23.04 as the bear takes a hit

Solana price analysis shows a bearish in the short term. The latest drop in coin value has reduced it to the $23.04 level. The cryptocurrency value went down to the extreme in the past few weeks as a strong bearish wave took over the market. The trend continues, as a constant decreasing trend has been observed for the past 24 hours. Although yesterday the value was stable, today it is back to a downward spiral. The long-term trending line is traveling descendingly, yet again a bearish indication.

The next resistance for SOL/USD is present at the $23.89 level. The minor support for the pair resides at the $22.15 mark and any further fall in price will take it to this level. If the bearish trend continues, then we could expect a further drop in the short term.

Solana price analysis 1-day price chart: Bearish swing deflates price levels to $23.04

The daily chart for Solana price analysis has been bearish for the last 24 hours. The value of SOL/USD has been falling continuously, and today is no exception. The coin started the day at $23.27 and crashed to a low of $23.04 in less than 24 hours. The descending trend line indicates that the bearish momentum is still in play and could take the coin to lower values. The trading volume has been low all day, further indicating a lack of buying pressure. The market cap of SOL stands at $8,682,641,603, with a decrease of 2.89% in the past 24 hours.

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SOL/USD 1-day price chart. Source: TradingView

The overall technical analysis of Solana’s price suggests bearishness in the short term if we discuss the moving average indicator, it is settling at $21.66, indicating a bearish trend. A crossover between the SMA 50 curve and the SMA 20 curve was observed in the prior weeks due to the massive price drop. The Bollinger bands are converging in the same way, indicating a period of low volatility.

Solana price analysis: Bulls to encounter bearish resistance as price slips to $23.04

The hourly price for Solana price analysis is also indicating a downtrend as the price followed a decreasing movement in the previous hours. Although the bulls tried to recover their position yesterday, they failed to maintain their dominance as the bears took over. The value has been falling ever since, and it seems that the momentum has not yet stopped. The moving average is comparatively going high at $23.25, just near the current value of SOL. 

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SOL/USD hourly price chart. Source: TradingView

The Bollinger bands are also converging as the coin is traveling downwards, signaling low volatility at present. The upper Bollinger band is at $24.30, providing resistance to the bulls if they try to recover from the bearish trend. The lower band stands at $21.21 and can act as support for SOL/USD in case of a price crash. The RSI indicator is taking a dip as it travels through the oversold zone and moves around 61.75.

Solana price analysis conclusion

To sum up Solana price analysis, SOL/USD is currently bearish in the short term. The bearish momentum is still intact and could take the coin to lower levels if not reversed. The bears have the momentum to take over, and the resistance at $23.35 is strong enough to stop any bullish pressure.