September 24, 2022

The price of Solana has been moving sideways in recent months, and has maintained the same price action.

In the last 24 hours, SOL depreciated by 2.6%. In the past week, altcoin gains have been negated by ongoing sideways trading.

Buying power has remained low over the past week and this has further pushed the price of Solana to their nearest support line. If buyers push the price higher, SOL could try to break the $33 price level.

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

The bulls failed to hold the $33 price and since then, the coin has continued to fall downwards. Increased SOL consolidation has reduced customer confidence.

For SOL to reverse the bearish thesis, it must move above the $40 price zone. Global cryptocurrency market capitalization now stands at $971 billion, down 0.2% in the last 24 hours.

Salt Price Analysis: One Day Chart

Solana Price
Solana was priced at $33 on the one-day chart | Source: SOLUSD on TradingView

SOL was trading at $33 at the time of writing. The coin experienced strong resistance at $41, and the bulls have been rejected at that price for months.

The current resistance for SOL price was at $38, which SOL could try to touch $41.

On the other hand, a decline from the current price will push SOL to $30 and then to $26.

The amount of Solana traded in the last session fell, indicating fewer buyers.

Technical Analysis

Solana Price
Solana recorded a decline in buying power on the one-day chart | Source: SOLUSD on TradingView

SOL has lost its price momentum as buying power has been consistently low for more than a week. Despite a recovery in purchasing power over the past few weeks, property prices have remained flat.

The relative strength index was below the zero line, indicating that sellers outnumbered buyers at the time of writing.

The price of Solana was below the 20-SMA due to lack of demand. It also indicated that sellers are dominating the price momentum in the market.

Solana Price
Solana displayed a sell signal on the 1-day chart | Source: SOLUSD on TradingView

Properties continued to show signs that sellers were strong in the market. Convergence of moving average divergences indicates price momentum and asset price direction.

MACD experienced a bearish transition and formed red histograms.

These red histograms indicated a sell signal in the market. The Stoch RSI is used to measure the overall market trend and current price direction of an asset.

The Stoch RSI was below the half line and approaching the oversold zone. This reading confirmed the bearish pressure in the market and that the asset could further lose value during the coming trading sessions.

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