Solana Price Continues To Trade Laterally With Signs Of Further Depreciation

Solana’s price movement has been sideways in the last several months. However, it is still maintaining the same price action.

SOL’s price has fallen 2.6% in the past 24 hours. In the past week, the altcoin’s gains were negated by the ongoing lateral trading.

Solana’s buying strength has been low for the past week, which has further driven Solana prices to their nearest support level. SOL may attempt to push prices higher if buyers force the price up.

SOL could struggle to break out of the $30-$32 price range as sellers remain dominant.

Bulls were unable to maintain the $33 mark, and the coin continues to slide downwards. Increased consolidation of SOL has reduced buyers’ confidence.

SOL must move beyond the $40 price range in order to discredit the bearish thesis. In the 24 hours since last update, $971 billion has been traded in cryptocurrency worldwide. That’s 0.2% less than it was just 24 hours ago.

Solana Price Analysis: One Day Chart

Solana Price
Solana was valued at $33 in the 1-day chart. Source: SOLUSD via TradingView| Source: SOLUSD on TradingView

SOL was at $33 when this article was written. SOL faced heavy resistance around the $41 mark and bulls have rejected it for more than a month.

The immediate resistance to Solana’s price was $38, which SOL may attempt to top $41.

A fall in the price will cause SOL to drop to $30, and then $26.

According to the latest session, Solana sales declined. This indicates that there were less buyers.

Technical Analysis

Solana Price
Source: SOLUSD on TradingView| Source: SOLUSD on TradingView

SOL experienced a loss in price momentum due to the fact that SOL was consistently low during buying strength for over one week. Although buying strength improved over the last couple of weeks, SOL’s asset price remained unchanged.

Relative Strength Index fell below the zero-line, which indicates that buyers outnumbered sellers at the time this article was written.

Because of a shortage in demand, Solana’s price was lower than the 20-SMA. The market’s price momentum was also dominated by sellers, as it indicated.

Solana Price
Source: TradingView| Source: SOLUSD on TradingView

It continued to show signs that sellers are strong on the market. The Moving Average Convergence Divergence indicates the price momentum and the direction of the asset’s price.

MACD went through a bearish cross-over and was given red histograms.

The market was signaled by these red histograms. Stoch RSI measures the market direction and determines the price at which an asset is currently trading.

The Stoch RSI reading was lower than the half-line, and close to the oversold area. This indicated that there was bearish market pressure, and that the asset might lose further value during the next trading session.

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