Solana price analysis shows another day of bearish downtrend for the token, as price slipped more than 7 percent over the past 24 hours to as low as $39.61. A recovery back up to $43 was swift, suggesting that buyers still have some control in the market, however short sellers are expected to take out further profits from SOL. Solana remained in state of an extended upward triangle for much of this week as price met the $47 resistance, but failure from that point triggered a downtrend on July 19, 2022. Support still sits intact at $35, whereas a move above the $44 mark over the next 24 hours could still instigate further bullish momentum.
The larger cryptocurrency market showed moves downwards over the past 24 hours, as Bitcoin relayed down to the $23,000 mark Ethereum consolidated at the $1,500 mark, whereas leading Altcoins largely showed downtrends across the board. Cardano slipped down to $0.49 with a 3 percent decline, while Ripple lost 2 percent to move down to $0.36. Dogecoin dropped 2.5 percent to move down to $0.07 with Polkadot dropped down to $7.49 with a 3 percent downtrend.
Solana price analysis: SOL shows bullish potential at $45 mark on daily chart
On the 24-hour candlestick chart for Solana price analysis, price can be seen shifting trends over the past couple of days with bears initiating a downtrend. SOL dipped down to $39.61 over the past 24 hours, however bulls have reacted quickly to take price back up to challenge the near resistance at $45. Price remains above the 9 and 21-day moving averages, which shows underlying bullish potential in the market for SOL. The crucial 50-day exponential moving average (EMA) also sits below current price at $40.84.
The 24-hour relative strength index (RSI) faced a minor dip over the past couple of days to move down to 57.55, but has picked up to move back into the overbought zone above 60. Over the past 24 hours, SOL trading volume rose over 10 percent, suggesting a critical battle between buyers and sellers at current point. The moving average convergence divergence (MACD) curve can be seen forming higher lows above the neutral zone, also presenting strong indication for a comeback for Solana price. If bulls can hold near or above the $45 mark, SOL could still be in line to reach the $50 mark on the daily chart over in the near term.
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