Solana price analysis SOL prices retrace below the $105.0 key support

Solana’s price analysis shows a steady downtrend, with the price of SOL up 4.85% in the last 24 hours. The market had a dismal month, with prices falling more than 18 percent over the past 30 days. The recent Sol price movement has been formed by the downward channel model. Immediate resistance for SOL is $105.0 while support is at $99.0.

Bears continue to dominate the SOL market and are expected to maintain momentum. In the coming days, SOL expects a new devaluation. As a result, the bears seem to have a solid foundation and will soon dominate the market.

Solana price movement in the last 24 hours: SOL price fell 4.85 percent

Solana’s price analysis over the last 24 hours shows the market is under sword pressure. The market opened at $104.73 and immediately dropped to $99.77 within hours, down 4.85 percent. Since then, the market has recovered somewhat but remains well below its opening price. Cryptocurrency trading volume is currently $1,573,907,591.58 while the market cap is $33 billion. Solana is currently ranked 7th, dominating 1.80 percent of the total cryptocurrency market.

Technical indicators show a bear market as the EMAs (5, 10 and 20) are falling. The RSI indicator currently stands at 35.09 and seems to be heading downwards. This suggests that the bears will soon take control of the market as the market seems ready for the next move. The MACD line is currently well below the signal line, further confirming the bearish trend in the market.

Solana price analysis on 4-hour price chart: SOL/USD price is trading in a descending channel

On the 4-hour chart Solana’s price analysis shows a market that is currently trading in a downlink. The market has been in a downtrend since mid-March as it slowly heads towards the $99.0 support zone. Immediate resistance for SOL is $105.0 while support is at $99.0. The market is currently moving waiting for a breakthrough from the downstream channel.

Technical indicators show a bear market as all moving averages fall. The RSI indicator is currently at 37.68 and seems to be heading downwards. This suggests that the bears will soon take control of the market as the market seems ready for the next move. The MACD line is currently almost breaking through the signal line, further confirming the bearish market trend.

Conclusion on course analysis by Solana

Solana’s price analysis shows the market is currently under pressure. The bears appear to be eyeing the $99.0 support zone as the next major level of interest. A drop below this level could cause the price to move to the USD 95.0 and USD 90.0 levels in the short term. On the plus side, if the price moves above the $105.0 resistance level, it could test the $110.0 level in the near term.

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