Solana Price Continues To Trade Laterally With Signs Of Further Depreciation
Solana price has been trading sideways for the past few months and has maintained the same price action.
SOL has lost 2.6% in value over the past 24 hours. Gains in altcoins have been offset by continued sideways trading over the past week.
Purchasing power has remained low over the last week, which has further pushed Solana prices to the closest support line. If buyers push the price higher, SOL could try to break above the $33 price level.
SOL may struggle to break out from the $30-$32 price range as sellers continue to dominate.
The bulls failed to hold the $33 price mark and the coin has continued to spiral downwards since then. SOL’s increase in consolidation reduces buyer confidence.
For the SOL to invalidate the bearish thesis, it needs to break above the $40 price area. The global cryptocurrency market capitalization is now $971 billion, down 0.2% in the past 24 hours.
Solana Price Analysis: One Day Chart
At the time of writing, SOL is trading at $33. The coin experienced significant resistance at the $41 price mark, where the bulls have been rejected for months.
Immediate resistance for Solana price is at $38, overturning a possible attempt by SOL to hit the $41 level.
On the other hand, a decline from the current price would take SOL to $30 and then to $26.
Solana volumes fell in the previous session, indicating fewer buyers.
SOL has lost price momentum as purchasing power has remained low for over a week. Despite the recovery in purchasing power over the past few weeks, the asset’s price has not been affected.
The Relative Strength Index is below the zero line, indicating that sellers outnumber buyers at the time of writing.
Solana price is below 20-SMA due to lack of demand. It also shows that sellers dominate the price momentum in the market.
The asset continues to show signs of seller strength in the market. Moving Average Convergence Divergence indicates the direction of price momentum and asset prices.
The MACD experienced a bearish crossover and formed a red histogram.
These red histograms indicate sell signals in the market. The Stoch RSI is used to measure the overall market trend and the direction of the current price of an asset.
The Stoch RSI is below the half line and close to the oversold zone. The reading confirmed bearish pressure in the market and the asset could depreciate further in the upcoming trading session.