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•SOL/USD is currently transacting at $41.29 and has decreased by 2.16% over the past day
•The trading volumes have decreased by 34.87% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Bears sink their teeth deep into Solana Coin
The Solana price today is $41.29 USD with a 24-hour trading volume of $1,660,945,789 USD. Solana Coin is down 2.16% in the last 24 hours. The trading volumes have decreased over the past day as the altcoin struggles to attract buyers at the current price levels. The Volume to Market Cap Ratio stands at 0.1185 for the altcoin.
Crypto markets were down across the board on Saturday, as bears re-entered the market. The technical indicators for Solana are showing that the bears are attempting to re-establish their supremacy. The bulls are attempting to defend the critical support at $38.50 but the recovery is lacking momentum. Conversely, if the bulls successfully defend the support level, Solana Coin can start a rally to the resistance level located at $45. That could keep the altcoin range-bound for a few more days. The bearish sentiment is depicted accurately by the altcoin transacting below the 20,50 SMA on the four-hour chart.
Long Term View for Solana
The sloping moving averages are in favor of the Solana Coin bears, and the RSI is transacting within touching distance of the oversold territory (trading at 30.75) as the altcoin has not been able to shake off the bears. The green histograms are struggling to attract buyers at the current price levels as they remain stagnant on the daily MACD chart. Moreover, the MACD and signal lines are transacting in the negative zone as well which adds to the bearish outlook.
Conclusion
The technical indicators for Solana show that the prices have continued to trade within a bearish market structure over the past few days. Thus, a further downside can be expected in the near future.
Support: $38.50-$33
Resistance: $45-$50
Disclaimer
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
