Solana price is trading sideways, what could be the next level?

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Solana’s price has been volatile over the past week, with no significant change over the past 24 hours. Last week, SOL fell 6%. At the moment, Solana’s price is neither heading into the bullish zone nor into the bearish territory.

The technical outlook for the altcoin has given mixed signals. Broader market weakness could be attributed to the mundane price action of the altcoin.

Bitcoin slipped below $20,000 and many other top altcoins also traveled south.

The buying strength on Solana’s daily chart remains negative with chances for it to decline further on its chart. The bulls are also working hard to defend the $29 price.

A drop below the aforementioned level could push SOL into a bearish pit.

Solana’s price had recently formed a round bottom, making buyers excited about its next price move. However, the coin could not hold the bullish anticipation. The global cryptocurrency market capitalization today is $1 trillion, with a 0.1% negative change in the last 24 hours.

Solana Price Analysis: One-Day Chart

Solana was priced at $33 on the one-day chart | Source: SOLUSD on TradingView

SOL was trading at $33 at the time of writing. The bulls had surged to the $37 price level and pushed the price down to its next support line.

At the moment, the bulls are trying to defend the altcoin price at $29. The air resistance of the coin stood at $37.

If SOL breaks above the $37 mark, the coin may attempt to trade near the $40 mark. On the other hand, a push from the bears will land Solana at $27.

The amount of SOL traded in the last session has decreased slightly, indicating that the number of buyers has decreased slightly.

Technical analysis

Solana Award
Solana recorded less buying strength on the 1-day chart | Source: SOLUSD on TradingView

SOL showed a decline in buying strength on the 1-day chart. Over the past 24 hours, however, Solana has noted a slight increase in buying strength, indicating that buying strength is returning to the market.

The relative strength index was seen below the half line, meaning sellers outnumbered buyers.

Solana’s price was below the 20-SMA, which was consistent with diminishing buying strength and sellers driving the price momentum in the market.

Solana Award
Solana posted a sell signal on the daily chart | Source: SOLUSD on TradingView

Technical indicators for Solana’s price were pointing to a mixed signal. Some indicators indicated the start of positive price action while others continued to remain negative.

Moving Average Convergence Divergence signals market momentum and change in price action.

The MACD underwent a bearish crossover and pointed to a sell signal for the coin. Chaikin Money Flow is responsible for measuring capital inflows and outflows at any given time.

The CMF was peeking above the half line, which showed that capital inflows exceeded outflows at the time of writing.

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