- A recent Solana price study reveals that it has been on a downward trend.
- SOL has lost 22.99% of its initial worth.
- According to Lambda Markets, SOL may experience extra pressure.
Bears have pulled down Solana (SOL) prices in the previous 24 hours after they encountered resistance at their intra-day high of $20.40. At the time of writing, SOL prices have dropped by more than 18.39% to $14.28.
This downward trend can be related to Lambda Markets’ report that SOL may face additional pressure. According to the data, around 47.3 million SOL will be unstacked on Thursday. It is commonly assumed that the unstacked SOL will eventually make its way onto exchanges, bringing in a new wave of sell pressure.
SOL/USD 1-day price chart (Source: CoinMarketCap)
On the 1-hour price chart, Keltner Channels are pointing downwards, with the upper band touching 18.02 and the lower band brushing 12.83. The contracting bands indicate less volatility in the SOL market, with price movement toward the bottom band reinforcing this negative trend.
The Bull Bear Power (BBP) trend in the negative region with a rating of -1.18 suggests a bearish momentum, although the pointing upwards may indicate a possible upswing.
The Stoch RSI, on the other hand, gives investors hope because it is heading lower after reaching the overbought territory and is currently reading 77.28.
SOL/USD 1-hour price chart (Source: CoinMarketCap)
With the top band at 16.39 and the bottom band at 12.67, the Bollinger Bands are contracting. This plot suggests that the SOL market’s decline may continue if bulls do not intercede.
The RSI value of 36.80 is approaching oversold territory, implying that the bearish momentum in SOL price action may intensify.
The Chaikin Money Flow (CMF) reads below zero in the negative region with a reading of -0.11, signaling a gloomy run for SOL in the nearing term.
SOL/USD 1-hour price chart (Source: CoinMarketCap)
The bears have taken control of the market, successfully pulling prices lower during the last 24 hours.
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