Solana price continues to trade sideways with signs of further decline

Solana’s price has been flat for the past few months, maintaining the same price action.

Over the last 24 hours, SOL has fallen 2.6%. Last week, altcoin gains were negated by ongoing lateral trading.

Last week’s buying strength remained low, which pushed Solana’s price further to its nearest support line. I have.

As sellers continue to dominate, it may be difficult for SOL to break out of the $30-$32 price range.

The bulls failed to sustain the $33 price and the coin has continued to fall since then. As SOL becomes more consolidated, buyer confidence declines.

For SOL to invalidate its bearish thesis, it needs to break out of the $40 price range. The global cryptocurrency market capitalization is currently at $971 billion, down 0.2% over the past 24 hours.

Solana price analysis: 1 day chart

SOL was trading at $33 at the time of writing. The coin has met heavy resistance at the $41 price mark, where the bulls have been vetoed for more than a few months.

Solana’s immediate price resistance is at $38, and SOL may try to reach $41.

Conversely, a fall from the current price mark will push SOL to $30 and then $26.

Solana’s trading volume has decreased in the last session, indicating few buyers.

technical analysis

SOL lost price momentum after more than a week of consistently low buying. The price of the asset was unaffected despite the rebound in buying over the past few weeks.

The Relative Strength Index is below the zero line, indicating that sellers are outnumbering buyers at the time of writing.

Solana prices fell below the 20-SMA due to lack of demand. We also showed that sellers dominate the price momentum of the market.

The asset continued to show signs that sellers were strong in the market. Moving average convergence divergence indicates price momentum and asset price direction.

MACD has gone through a bearish crossover and formed a red histogram.

These red histograms were showing sell signals for the market. The Stoch RSI is used to measure overall market trends and the current price direction of an asset.

The Stoch RSI has broken below the half line and is approaching the oversold zone. This reading confirms the bearish pressure in the market and indicates that the asset may lose more value in the upcoming trading sessions.