SUN at $36.1: Has consolidation started? DOT price stumbles at $7.34 after briefly recovering.
According to Solana prices, the bears have returned. Selling pressure has slowed down the recovery process that began yesterday; So far, the price is trading in the negative direction at $36.1. As the sellers have been active, a steady decline has been following the market over the last week. Previously, there were bullish intervals where the market followed an uptrend, but over the past week, the overall advantage has gone to the bears. But now, the coin appears to be in the consolidation phase as the bears have returned after a day of bullish activity.
Polkadot, meanwhile, reveals that the coin appears to have found its support floor. The bulls tried hard to make a comeback yesterday and have been successful enough so far as the coin rejected a further drop below $7.22 and covered an ascending range to $7.42. The recovery was minimal but provided support to the price of the cryptocurrency. It has been following a steady downtrend for over a week as selling pressure has been high in the market. Today, the price has corrected again and the trend is down as the coin is currently priced at $7.34.
SOL/USD: Bears Fight Bulls after Brief Recovery
One day Solana price analysis confirms that the price is on the downside for today. The chances of recovery have been postponed as of now, and the bears dominate the price charts as more selling activity takes place. The price has declined to $36.1 and overall the cryptocurrency has lost around 19.35 percent of its value over the past week. The value of the moving average (MA) is trading at $39.4 after crossing below the 50 SMA curve.
Price analysis in the last few hours predicts a bearish trend for Solana, as a slight decrease in the SOL/USD market value has been detected. However, the latest development has been in the bullish direction as support has appeared again. The price is now stabilizing at $36.1 as a result of the latest bullish efforts. The short-term trend line is still moving higher due to yesterday’s uptrend. At the same time, the moving average value is currently $35.88 below the 50 SMA.
DOT/USD: Selling Pressure Degrades the Price Again
24-hour Polkadot prices show that selling pressure has built up again as the price has been steadily declining. The bears have also successfully dodged the bulls that were in the lead yesterday as more selling activity was seen in the market today. As the bears take the price function to the downside, the price has reached $7.34; the next support for the bulls is present at $7.05. The coin is currently reporting a 1.15 percent gain over the past 24-hour period due to yesterday’s bullish price action. However, the coin is reporting a 19.76 percent loss over the past week due to extreme selling pressure.
In the last few hours, Polkadot also confirms the downtrend for today as the overall momentum is down for today as well. The price is currently rising again as this area appears to be a support zone for the DOT/USD price, but the drop seen at the beginning of the trading session has the market in a downtrend as of now. The MA value is present above the price level at $7.36 on the 4-hour chart.
Solana and Polkadot’s hourly and daily price analysis predicts a downtrend for the day as the price follows a downward movement as the price is trading in the red.
By Audy Castaneda
