25 April, 2024

Solana’s Bearish Trend: Trading Volume Hints at Potential Reversal

26 Sep, 2023

29 Nov, 2023

  • CryptoBusy advises against long positions on Solana until further confirmation.
  • Solana trades bearishly at $19.33, with a 0.65% decrease in the last 24 hours.
  • Despite the bearish trend, a 14.32% increase in SOL’s trading volume hints at potential bullish momentum.

In a recent update, renowned technical analysis expert and well-known trader CryptoBusy shared crucial insights regarding the current market stance of Solana ($SOL). With a reputation for providing top-notch analysis, CryptoBusy advised traders to refrain from entering a long position on Solana, suggesting waiting for confirmation above a specified green line would be best.

In the last 24 hours, Solana has been trading in a bearish sentiment, with the price recording a decrease of 0.65%, and is currently being traded at $19.33. SOL’s current highs and lows are $19.70 and $19.31, respectively. Despite the bearish sentiment in the Solana market, SOL trading volume has increased by 14.32% to $159,295,340, indicating that a bullish momentum might be imminent in the hours ahead. 

SOL/USD 24-hour price chart, Source: CoinMarketCap

In a one-day price analysis of Solana, SOL is projected to continue trading in a bearish sentiment in the hours ahead, as indicated by the converging of Bollinger bands (BB) and the decreasing volume. This suggests a lack of buying pressure in the market, potentially leading to further downward movement in SOL’s price. The current readings of the upper and lower bands are 20.50 and 17.86. These levels act as the immediate resistance and support level of Solana. 

The Relative Strength Index (RSI) line is moving above its SMA line with a reading of 46.10. This suggests that the bulls are still exerting pressure in the SOL market, pointing out that a price reversal might soon occur in the Solana market. 

However, it’s not all over for investors and traders as the glimmer of hope is offered by the Moving Average Convergence Divergence indicator, which is moving above its signal line and on the negative regions with readings of -0.26. This indicates a bullish signal, suggesting that the current downward trend may soon reverse. Additionally, the formation of the trajectory histogram on the positive region further suggests that a bullish sentiment might occur in the market in the hours ahead.  

SOL/USD 24-hour price chart, Source: TradingView

While Solana ($SOL) currently displays a bearish sentiment, certain indicators hint at a potential bullish momentum in the near future. Investors and traders should remain vigilant, as market signals suggest a possible change in the asset’s trajectory.


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