Solana price has been trading in bearish territory despite forming a pennant pattern, which typically suggests bullish potential. Over the past three months, despite the notable uptrend, recent trends indicate a shift toward bearish momentum.
Current market analysis shows the price is inching towards a resistance level, yet it is failing to gather bullish strength. Over the past 24 hours, the Solana price has seen a notable dip, marking a 1.08% decrease. At press time, the token trades at $166.79. The cryptocurrency, ranked fifth by market capitalization, now holds a value of approximately $76.67 billion. This recent fluctuation comes amid a broader trading volume surge of 18.04%, totaling around $2.03 billion.
Ripple CEO Predicts Imminent Launch of XRP, Solana, and Cardano ETFsDespite the recent downturn, Solana’s active circulating supply remains robust at 459.69 million SOL. The total and maximum supply figures are 577.25 million and infinite, respectively.
Furthermore, an analysis using the Santiment social volume indicator reveals a short-term increase in discussions followed by a general decline. This trend supports the notion of weakening bullish sentiment.
Solana recently soared past the $160 mark before experiencing a pullback. Over the last seven days, Solana’s price has declined by approximately 1.17%, driven by a noticeable sell-off. Currently, its trading range fluctuates between $161 and $168, indicating a state of equilibrium where buyer and seller activity is balanced. This suggests that a significant price move could be on the horizon.
Despite a short-term decrease, Solana has gained over 34% in the past month, with its price ascending from $140 to above $160, reflecting a robust upward trend. Meanwhile, the broader crypto market is witnessing a downturn. Bitcoin has dropped to just below $68,000, and Ethereum has fallen to $3,800.
If the bearish momentum intensifies for Solana, it might test the $164 support level soon. A further decline to the $160 mark could indicate a major shift in market sentiment.
Data from Coinglass highlights a prevailing bearish sentiment among investors, evident from the long/short ratio that favors shorts. This metric suggests market participants expect a further decline in Solana’s price, reinforcing the bearish outlook observed in the market.
The 24-Hour technical indicators for Solana show mixed signals amid market fluctuations. The Relative Strength Index (RSI) for Solana is currently at 53.15. This indicator suggests that Solana is neither overbought nor oversold, maintaining a stable position in the market.
Moreover, the Moving Average Convergence Divergence (MACD) shows a reading of -1.07 to 4.73, indicating a potential for bullish momentum in the near future as the blue MACD line appears to converge towards the signal line.
