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- Solana coin price is currently observing a consolidated trend. The asset has seen a decline of 3% in the intraday session.
- Technical indicators of the SOL price are in the favor of bears.Meanwhile, SOL/BTC pair has seen a loss of 2.22% in the past 24 hours.
SOL price has seen a strong bearish pull as major crypto coins has deprecated significantly. The bulls of the Solana are trying to defend the price near major support area.Over the last few days SOL price has been moving in a continuous downside trend.If it continues to see a downfall then a fall to $25 can be seen.The asset has a market dominance of 1.13% and has an ROI of 13789%. Meanwhile, various analysts are predicting a strong growth for the future.
Solana is currently ranked 9th in the CMC and has a market cap of $10,729,034,859. The volume of the SOL has seen a pump of 17% in the intraday session. The volume to market cap ratio of the asset price suggests a downside move.
Are Bears Taking Control In SOL Price?
The weekly technical chart of the Solana suggests a consolidated move in the price. On coming to the daily chart the asset price is trading near the value of $30. It is trading below the 50 and 100 Daily Moving Average. If the coin price crosses above 100 DMA then a strong upside momentum can be seen. The upside momentum of the coin can see a halt near $45. Meanwhile, the downside trend of the coin can see a bounceback near $27.
RSI: RSI of the SOL is near 30 suggesting its presence in the oversold zone. There is a positive slope formation in RSI. The overall sentiment of the RSI is bearish.
Conclusion
SOL price has been in a continuous downside trend and can soon see a new high in the future. One should do their due intelligence before investing.
Technical Levels
Major Resistance:$38-$40
Major Support: $27-$29
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
