TL; DR Breakdown
- Solana price analysis is trading bearishly today
- SOL/USD traded within a tight range between $71 – $74 over the last 24 hours.
Solana Price Analysis: General price overview
Solana price analysis is trading bearishly today after retracing 2.30 percent overnight to the $70 support. The scalability solution token could face further downsides below this level,f the support is weakened.
The cryptocurrency market is strongly bullish with majority of the coins posting over 5 percent record Gains in the last 24 hours. Market leaders Bitcoin and Ethereum gained 5.9 and 7.6 percent respectively. Cardano and Polkadot became the highest gainers with 17 and 11 percent increases on the daily chart.
Solana price movement in the last 24 hours: Decreasing daily volumes
According to today’s Solana Price Analysis, SOL/USD traded within a tight range between $71 – $74 over the last 24 hours.Trading volume decreased by 54 percent to $1.9 billion overnight. Meanwhile, the total market capitalization for Solana decreased by 1.89 percent to $20 billion over the last 24 hours.
Solana price analysis 4-hour price chart
On the Solana price analysis 4-hour chart, Solana is consolidating enough buyers to build a support base around $72. This will make it easy for the bulls to prepare for another rally.
Solana price action for the last month’s had traded strongly within a bullish uptrend , remaining the only altcoin less affected by the May crash. The coin had rallied almost 230 percent upwards since May and the strong rally is set to continue until SOL/USD entered the $100 mark.
Further upsides were rejected at the cap of the rally near $90 mark. But as the retracement continues to expand towards more buyer support , the price action is likely to advance and build more momentum to face any uside resistance near $100.
At the time of writing , Solana is trading for $71 against the US dollar.
Solana price analysis conclusion
Solana price analysis is bearish and will remain as so for the next 24 hours as the bulls retrace to build more support in preparation for weekend rallies. The bulls will attempt to make another push and this could see a daily high at $76. However , expect more bearish weakness across the daily chart.
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