Solana price analysis: SOL faces rejection at $90. Priming for revival?

TL;DR Breakdown

• The most recent Solana price analysis is bearish.
• Bears have taken the price levels down to $85.8.
• The support for SOL/USD is present at $84.

The Solana price analysis is bearish today. The coin price has seen another loss as it is rejected from further upside above $90.1, and the price has stumbled down further today. Yesterday bulls captured the market, and a slight improvement in the price level was observed, but today the trend changed again in favor of bears, and the price has decreased to $85.8. Further price slippage is to be expected in the future as well.

SOL/USD 1-day price chart: Bearish momentum accelerates as the trading volume goes down

The 1-day price chart for Solana price analysis proves that the coin price is going down again after the price broke downwards today. SOL/USD is trading hands at $85.8 at the time of writing. The coin shows more than a 2.3 percent loss in value over the last 24 hours but is at a loss of 0.62 percent over the past seven days due to the bearish trend of the last week. The trading volume has decreased enormously, which is down by more than 34.9 percent during the last 24 hours, providing a market dominance of 1.58 percent.

The volatility is comparatively high, and now the upper band is present at $104.5, and the lower band is present at the $79.8 mark, making an average at the $92 mark, above the price level, the lower band is representing the support for the coin price function.

The relative strength index (RSI) is also at a downwards slope in the lower half of the neutral zone at index 41. The indicator itself is present in the neutral zone, thus standing neutral but showing more selling activity in the market.

Solana price analysis: Recent developments and further technical indications

The 4-hour price chart for Solana price analysis shows bearish hindrance is again coming in at the time of writing as the price has moved down further, touching $85.75. The bulls and bears have been changing positions throughout the day, but the most recent trend is towards the bearish side, and the overall weightage is also in bearish favor for the day.

As the price is trading towards the lower limit of the Bollinger Bands on the 4-hour chart, the lower band will be considered as a support level, which is present at $84.3, just below the price level. If this support proves strong, then traders can hope the price will bounce back soon in the coming hours; if not, then the Bollinger bands may take a downwards breakout. The RSI has reached index 34 but shows a downwards curve, but it may go up again if the support persists.

Solana price analysis conclusion

The Solana price analysis suggests the price may go further down today. Traders can expect the price to bounce above from $84 level in the coming hours if the support persists. But on the other hand, there are chances for further crashing price action as overall, the market is in a bearish grip.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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• Source: https://www.cryptopolitan.com/solana-price-analysis-2022-03-06/