Solana Price Prediction: Bearish Indicators Suggest Further Downside as SOL Struggles Below Key EMAs

The Solana price has shown some interesting trends on the 4-hour chart, which could offer potential trading insights. Over the recent sessions, the crypto has registered a descending pattern, with the latest closing prices reflecting a gentle decline from $147.78 down to $145.77. This is coupled with technical indicators that hint at a bearish undertone in the market.

The price movement of #SOL has been consistently below both the 9 Exponential Moving Average (EMA) and the 20 EMA. The 9 EMA values have trended downwards from $153.07 to $148.70, while the 20 EMA has also seen a decrease from $152.76 to $150.43. This alignment below the EMAs typically indicates a bearish market condition, suggesting that the bears are in control, pushing prices lower.

The Moving Average Convergence Divergence (MACD) indicator further substantiates this bearish sentiment. The MACD values have been decreasing, with the latest reading at -0.74, significantly below its signal line at 0.88. The negative histogram values, deepening over the last sessions, are a clear signal of increasing bearish momentum.

The Relative Strength Index (RSI), another pivotal indicator, has hovered around the 40 mark, which leans towards bearish territory but not yet oversold. This indicates that there could still be room for further downward movement before any potential reversal if the market sentiment does not shift.

Looking at potential movements, the price of $SOL faces immediate resistance at $146.19, followed by higher levels at $148.27 and $148.98. Should the price initiate an upward reversal, these levels could act as significant barriers. On the downside, support is found at $141.55, with a further downside cushion at $133.73, which could be appealing for those considering short positions. #BullorBear #TrendingPredictions
The full analysis and trade strategy was originally posted on ecoinimist.com.