Solana price has been moving sideways over the past few months, and it has maintained the same price movement.
Over the past 24 hours, the SOL value has decreased by 2.6%. Last week, continued sideways trading negated the altcoin’s gains.
Buying power remained low over the past week which pushed Solana price to the nearest support line. If buyers push the price higher, SOL may attempt to break above the $33 price level.
With sellers still in control, it may be difficult for SOL to experience a breakout from the $30 to $32 price zone.
The bulls failed to hold onto the $33 price mark and since then, the coin has continued to slide lower. The increasing standardization of SOL has reduced the confidence of buyers.
For SOL to invalidate the bearish theory, it must move above the $40 price area. The global cryptocurrency market cap is now $971 billion, down 0.2% in the last 24 hours.
Solana Price Analysis: 1 Day Chart
SOL was trading at $33 at the time of writing. The coin has faced stiff resistance at the $41 price mark, and the bulls have been dismissed at that mark for more than months now.
Solana’s immediate resistance was at $38, bringing down what SOL might attempt to touch $41.
On the flip side, a drop from the current price tag will push SOL to $30 and then back to $26.
The amount of Solana traded decreased in the last session, indicating that the number of buyers was less.
SOL lost its price momentum because buying power has been consistently low for more than a week. Although buying power recovered in the past few weeks, the asset’s price remained unaffected.
The RSI was below the zero line, indicating that there were more sellers than buyers at the time of writing.
Solana price was below the 20-SMA due to lack of demand. It also indicated that the sellers control the price momentum in the market.
The asset continued to show signs that the sellers were strong in the market. Moving average convergence divergence indicates the price momentum and price direction of an asset.
The MACD underwent a bearish cross and formed a red histogram.
These red graphs were indicative of a sell signal in the market. Stoch RSI is used to measure the general direction of the market and the current price direction of an asset.
The Stoch RSI was below half of the line and approached the oversold territory. This reading confirmed the bearish pressure in the market and that the asset may lose value even more during the upcoming trading sessions.