The Solana market price saw a strong bearish pull, as other major market coins depreciated substantially on their charts.
Over the past 24 hours, altcoin lost 6%. Solana has lost 14% in market value over the last week.
The bulls attempted to defend the coin at its closest support level. But, over the past 24 hour, the coin experienced a sell-off.
Solana has been trading at a level that was above $34 support over the past several days. SOL has fallen below its immediate support level as a result of the recent decline on the chart.
Solana’s price will continue to follow the same price trend, meaning that it is likely to fall below its current price. Its technical outlook points towards bearishness.
As buyers lose confidence, selling strength rose over the past 24 hours. SOL may reassess the $28 price range if the price drops below $31.
Today, the global cryptocurrency market is worth $1.01 Trillion. 3.5%In the past 24 hours, there has been a negative shift.
Solana Price Analysis: Four-Hour Chart
SOL was currently trading at $31 per share as of this writing. SOL was trading at $31 as of writing.
$28 was the closest support level for the coin. Coin’s overhead resistance stood at $37. A move higher than that level would be possible if the coin revisits the $34 price.
If the Solana price cannot remain at the current level, then a drop below $28 can be anticipated over the next trading session.
SOL volume traded in the past session fell, which indicates lower demand and higher selling power.
Technical Analysis
SOL indicated a decline in purchasing strength as of the date of writing. Technical indicators pointed to an increased selling power.
Relative Strength Index was lower than 20. This meant sellers were outnumbered buyers in the period of writing.
Solana’s lower demand caused it to be undervalued in the four hour chart. Solana’s price was lower than the 20-SMA, which indicated that the market was driven by sellers.
SOL showed a sell signal at the end of their four hour chart. The technical indicators indicated that bearishness was imminent for the next trading session.
The price momentum is indicated by Moving Average Convergence Divergence.
MACD went through a bearish cross-over and it created red signal bars beneath the half line, which was the sell signal.
Chaikin Money Flow displays capital inflows as well as outflows. CMF fell under the zero line, which signified a decline in capital inflows in comparison to outflows.