Solana Price Analysis: SOL to break above $40 levels soon

Solana price analysis shows that the market is currently bearish. However, the $30.0 support has been able to keep prices afloat. A descending triangle pattern was also spotted on the 4-hour chart. This pattern is typically bearish, suggesting that SOL could continue falling.SOL found support at $30 and resistance at $41On the 4-hour chart, Solana has formed a descending triangle pattern, which is typically bearish. This suggests that the crypto could continue falling to $30.

Solana price action on 4-hour chart: Recent price developments

The price of Solana (SOL) has formed a bearish flag pattern, a continuation formation. The flag pattern occurs when prices make a significant move followed by a period of consolidation. The pattern is generally regarded as a continuation of the previous trend. In this case, the previous trend is the downtrend that began mid-April. The bearish flag formation implies that the price will likely drop toward the $30 support level further.

SOL/USD 4-hour price chart, Source: TradingView

The MACD is in a bearish configuration and is declining. This indicates that the bears control the market. The moving averages are presently bearish and trending downward, indicating that the bears have taken control of the market.

Solana price movement in the last 24 hours: Bears stumble as crypto finds support at $30.0O

Solana price analysis in the last 24 hours indicates (SOL) price hovered around $33.5, with a slight downward trend. The cryptocurrency is trading below the $34 resistance and the moving averages. It is facing immediate resistance at $34; if it breaks above this level, the price could increase to $36. On the downside, the first support lies at $32, followed by $30.

SOL/USD 1-day price chart, Source: TradingView

The RSI has broken down from the descending triangle pattern, indicating that bearish momentum is increasing. Currently, at 40, it is approaching oversold territory. If the RSI breaks down from this level, it could signal that SOL prices are likely to fall further. On the downside, the first support level is $30, followed by $25. On the upside, resistance lies at $41 and $50.

Solana price analysis: conclusion

Solana price analysis indicates that the market is bearish. The prices have remained in a narrow range and have failed to break past the $33 resistance. The technical indicators on the daily chart are all bearish, lending credence to the notion that prices will continue to decline.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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• Source: https://www.cryptopolitan.com/solana-price-analysis-2022-07-04/