Analysis

Solana Price Analysis: SOL still struggling with bearish momentum below $158

TL;DR Breakdown

Solana price analysis is bearish today.
SOL/USD could not reach further upside overnight.
$159 resistance is likely to reverse Solana.

The Solana price is bearish today, with selling pressure back after a small rise to $159 yesterday. As a result, we anticipate that SOL/USD will reverse and fall some of the gains made earlier this week.

Cryptocurrency heat map. Source: Coin360

Following a 1.971% rise in Bitcoin and a 0.93% increase in Ethereum, the general cryptocurrency market is trading bullishly according to Coin360’s heatmap. Binance Coin, Solana, and Cardano have lost seats, while Polkadot, and Ripple have posted gains.

Solana price movement in the last 24 hours: Solana finds resistance at $170

Over the last 24 hours, SOL/USD has fluctuated in the range of $155 to $157, with little volatility. Trading volume is down by 17%, and it has a market capitalization of approximately $50 billion, putting it in the sixth position worldwide.

SOL/USD 4-hour chart: SOL set to retrace early next week?

After a brief rise over $156, we can see a resurgence of bearish momentum in the Solana price action on the 4-hour chart.SOL/USD 4-hour chart. Source: TradingView

For the previous week, the Solana price has been in a sideways consolidation. Support was discovered at $120 after a several-week fall from $215.

On Tuesday, the SOL/USD pair made a bearish break, with lower highs and higher lows. The $130 mark as support and $150 as resistance were observed during subsequent sideways trading. On Monday, there was a lot of trading range; however, another rise began on Friday.

The Solana correction came to an end on Tuesday, when the price rose above $130 for the first time. For the first time, last night’s Solana price action established a clear higher high and broke through $130 resistance. Yesterday, the $170 mark was broken.

Solana Price Analysis: Conclusion

The Solana price analysis is bearish at the moment, as bears have reclaimed control of the market after a strong rally last 24 hours saw SOL rise to $165. As a result, we expect that the SOL/USD pair will retrace over the next days and establish another higher low before continuing higher.

Related Articles

Leave a Reply

Your email address will not be published.