The price analysis data for Solana shows that the situation for the digital asset is bearish. This means that Solana has a higher chance of moving downstream than moving upstream.
Solana Price Started to Dip on July 31
On July 31, the trading price of Solana started moving in a downward direction. The trend for the digital asset ended up becoming bearish, which meant that its trading price was experiencing a downtrend.
Following the initiation of the downtrend, the trading price of Solana started moving downstream. The highest trading price Solana achieved in the month of July was $46.69. Following the initiation of the downtrend, the trading price of Solana has suffered a 4% dip in the past 24 hours.
The drop in the past 24 hours has pulled the trading price of Solana to $39.88. However, Solana bulls did manage to fight off the bears at some point, which let them push the trading price of SOL up to $40.39. At the time of writing, the trading price of SOL is hovering around $40.40.
Danger Faced by Solana
The price analysis further suggests that Solana may end up facing a significant crash. If the downtrend continues, then the trading value of Solana may continue moving downwards.
The data shows that the trading price of Solana may end up hitting the critical support level. At present, the critical support mark for Solana is $25.
The worst part of the downtrend is that the trading price of Solana may continue crashing. This is because the selling pressure of the bears is constantly rising higher. Due to the constant downward movement of Solana, it is feared that the trading value of the asset may move below the crucial moving averages.
If the bulls power up their buying sentiments, then they may continue pushing the trading price of Solana. If that happens, then the trading price of Solana may get pushed higher.
The buying power of the bulls may succeed in propelling the trading price of Solana to the resistance levels. The resistance levels that Solana may succeed in hitting would be $49. The next resistance level Solana may hit would be $60.
24-hour Candlestick Chart for Solana
The 24-hour candlestick chart shows that the trading price of Solana may move into the descending channel. The triangle pattern shows that if the bears keep bashing Solana, then its value may dip to $39.53. Going forward, the trading price of Solana may hit a critical support level.
With their strong selling power, the trading price of Solana may end up hitting a lower level at $25.