Solana price has been moving sideways for the past few months and has maintained the same price action.
In the last 24 hours, SOL has depreciated by 2.6%. Over the past week, the altcoin’s gains have been negated by ongoing sideways trading.
Last week the buying power remained low and this pushed Solana prices to their nearest support line. If buyers push prices higher, SOL may attempt to break above the $33 price level.
As sellers continue to dominate, it may be difficult for SOL to experience a breakout from the $30-$32 price zone.
The bulls failed to hold the $33 price mark and since then, the coin has continued to spiral downwards. SOL’s increased consolidation has eroded consumer confidence.
To invalidate the bearish thesis for SOL, it needs to break above the $40 price zone. The global cryptocurrency market cap is now $971 billion, down 0.2% in the last 24 hours.
Solana Price Analysis: One Day Chart
SOL was trading at $33 at the time of writing. The coin has faced heavy resistance at the $41 price mark, and bulls have been rejected at that mark for months now.
The immediate resistance for Solana price is $38, above which SOL may try to touch $41.
On the other hand, a decline from the current price mark would push SOL to $30 and then $26.
Trading volume in Solana fell in the last session, indicating that buyers were less in number.
Technical analysis
SOL lost its price momentum as buying power remained consistently low for more than a week. Despite a recovery in purchasing power over the past few weeks, asset prices have remained unchanged.
The Relative Strength Index was below the zero-line, indicating that sellers outnumbered buyers at the time of writing.
Solana prices remained below the 20-SMA due to lack of demand. This indicates that sellers are dominating the price movement in the market.
Asset markets continued to show signs that sellers were strong. Moving average convergence divergence indicates price momentum and the direction of asset prices.
MACD went through a bearish crossover and produced red histogram.
These red histograms indicate a sell signal in the market. The Stoch RSI is used to measure overall market trends and the direction of an asset’s current price.
The Stoch RSI was below the half-line and near the oversold zone. This reading has confirmed bearish pressure in the market and the asset may lose further value in the upcoming trading session.
