The Solana worth evaluation exhibits the coin is on the downswing since April 6,2023. The cryptocurrency has misplaced important worth over this time. The value has reached all the way down to $20.04 as we speak because of the continual bearish pattern. The subsequent assist for SOL is at the moment at $18.31, which remains to be additional beneath. At this time’s pattern, although undecided, is tilted in the direction of the bearish aspect as effectively.
SOL/USD 1-day worth chart: SOL to revisit $18.31 assist
The coin has been exhibiting a bearish pattern since April 6, 2023, based on the 1-day worth chart for Solana worth evaluation. The bearish strain remains to be there, and the coin is at the moment buying and selling at $20.04 as of the time of writing. SOL/USD displays a lack of 3.09 p.c over the day past and a lack of 5.38 p.c in worth over the earlier week. Alternatively, regardless of the market cap declining by 2.99 p.c, buying and selling quantity rose by 28 p.c as we speak.
As a result of Bollinger bands’ divergence throughout the previous few days, there hasn’t been a lot volatility. The value is at the moment buying and selling near the indicator’s decrease restrict, which is across the $19.52 degree, which signifies assist for SOL. Transferring common (MA) costs have been $20.57 lower than the SMA 50 curve. Although the RSI has additionally been transferring downward, the RSI is at the moment transferring laterally within the backside portion of the impartial zone. As the worth has gotten near the assist degree, the RSI is buying and selling at index 44.
Solana worth evaluation: Current developments and additional technical indications
The 4-hour worth chart for Solana worth evaluation exhibits that the worth breakout was upwards as we speak and the path remained optimistic for the primary 4 hours, however then promoting strain triggered and the worth degree fell. Presently, a really tiny inexperienced candlestick has appeared once more, which hints on the presence of assist close by. The rise is relatively very small, however the final inexperienced candlestick is hopeful, assuming the worth is sustaining its degree now at $20.04.
The volatility is low on the 4-hour chart as effectively. The decrease restrict of the Bollinger bands on the $19.97 mark now represents assist for SOL worth, and the higher band on the $20.90 degree represents the strongest resistance. The RSI curve has additionally turned horizontally because of the just lately discovered bullish assist after touring low for a while as we speak. The RSI rating is kind of low at index 35 close to the under-bought area’s border.
Solana worth evaluation: conclusion
The Solana worth evaluation reveals a downward worth pattern. However as everyone knows, the market as an entire was bearish yesterday, and SOL did as effectively. The latest assist is an efficient indication, however we imagine SOL’s subsequent transfer will rely on how lengthy the assist lasts. It’s at the moment inconceivable to rule out the opportunity of bearish strain.