After surging 32% on Saturday, Solana prices took a U-turn and continues to retrace lower
Solana price analysis is bearish for the day. The price is having a good rally since the beginning of 2023. SOL notices a decline in the price momentum as it fell below $22.00 on Wednesday. As the price explores the supply zone the bears pull up their sleeves further.
Solana’s price has inflated more than 50% since January 1 and is currently hovering near the supply zone, extending from $24.00 to $22.00. Further, the recent attempt to hold near the support level remains elusive. As of writing, SOL/USD reads at $21.85, down 5.15% for the day. In the past 24 hours, the trading volume of the 11th largest coin by market cap rose 24% at 1,307,446,112 as per Coinmarketcap.
After depreciating more than 80% in the previous year, Solana is having an illuminating period in 2023. In seven days the price jumped 54%.
However, the recent weakness in the prices raises doubts about whether the bulls would be able to sustain the gains!
Solana price seeks support near 9-day EMA
On the daily time frame, the Solana price is under selling pressure for the previous two sessions. Amid the sustained downside momentum if the price pierced the 9-day Exponential Moving Average (EMA) it might invalidate the current bullish sentiment.
In addition, the daily RSI (14) indicates a bearish sign as it tilts toward the average line.
If that happens, the lower target could be the low of Saturday at $18.20 followed by $16.00.
On the other side of the coin, a move toward the session’s high would consolidate the bulls positioning. Additional buying participating will push the price toward the $24.00 mark.
