The Solana price is up 0.08%, with SOL/USD trading at $132. This comes as the crypto market as a whole has recovered by 0.67% in the last 24 hours. Despite the slight surge, its 24-hour trading volume has plunged 14% to $1.49 billion, suggesting a fall in market activity among traders and investors.
Meanwhile, data from Coinglass suggests more downside in the Solana market if the bulls won’t step in. This is evident as SOL’s long-to-short ratio is at 0.95 and has dived below 1 in the past 24 hours. This means declining investor confidence and more traders are betting on the asset’s price to fall.
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Solana Statistical Data
Based on CoinmarketCap data:
- SOL price now – $132
- Trading volume (24h) – $526 million
- Market cap – $3.09 billion
- Total supply – 10 billion
- Circulating supply – 2.67 billion
- SOL ranking – #5
More Downside on SOL?
The price for Solana in September and the end of August have been disappointing in the market. The Solana sellers have capitalized on a death cross formed on September 5, driving the Solana price down. The alt dwindled like a dead weight in the air with no strong guards to keep the bearish sentiments in check. However, the bulls gathered stamina at around the $124 support level, regaining composure to prevent further downward losses.
This has led to a tug-of-war between the bulls and the bears, forcing the Solana price into a consolidation phase. Over the past few days, the token has been stuck in a tight range, with the upper limit/resistance at $161 and the lower limit/support at $124. This moving period between horizontal support and resistance levels may act as an accumulation period before a breakout in either direction.
The Solana price trades below the 50-day Simple Moving Average (SMA) (green) and the 200-day Simple Moving Average (SMA) (blue). In this scenario, the $142 and $154 act as a cushion against upward movement, suggesting some bearish prospects.
Moreover, the Relative Strength Index sits below the 50-mean level, currently at 44. This suggests that the sellers are dominating the SOL market at this level. However, if the bulls step in, the RSI could jump above the 50-mean level, invalidating the bearish thesis.
On the other fence, the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook. Traders are seeking exposure to SOL as the blue MACD line has crossed above the orange signal line. In other words, traders are inclined to buy more SOL unless the MACD line flips.
Solana Price Outlook
In the daily chart timeframe above, there is a mixed reaction, as the bulls and bears are in a tug-of-war. Meanwhile, after collecting more liquidity, bulls can begin to build momentum for another attack at $142. This may determine if the SOL price continues to the next resistance at $154 or potentially $162 in the coming days.
On the other side, recovery from the current position might be a pipe dream, with the 50-day and 200-day SMAs pressing down on SOL, reinforcing a bearish outlook. Therefore, investors might have to consider another sweep through lower support areas, for instance, the $110.
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