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Solana Price Analysis: SOL slowly retraces from $80, set to retest previous all-time high?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish for today.
  • SOL/USD continued to retrace overnight.
  • SOL is likely to see further downside today.

Solana price analysis indicates bearish momentum to follow later today as the market still retraces from the $80 all-time high after bulls lost their momentum late last week. Therefore, we expect SOL/USD to see further retracement later today and potentially move to retest the $58 previous all-time high resistance as support next.

Solana Price Analysis: SOL slowly retraces from $80, set to retest previous all-time high? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. Market leader, Bitcoin is up by 1.91 percent, while Ethereum is up by 2.22 percent. Meanwhile, Cardano (ADA) and Binance Coin (BNB) are among the best performers, with almost a 7 percent gain.

Solana price movement in the last 24 hours: Solana starts to retrace from the $80 all-time high

SOL/USD traded in a range of $71.55 – $77.43, indicating mild volatility over the last 24 hours. Trading volume totals $1.11 billion, down by 7.86 percent from yesterday. The total market capitalization trades around $21 billion, ranking the coin in 10th place overall.

SOL/USD 4-hour chart: SOL aims to retest the $58 previous all-time high?

On the 4-hour chart, we can see the Solana price retracing over the last 24 hours as bulls have lost their momentum. 

Solana Price Analysis: SOL slowly starts to retrace from $80, set to retest previous all-time high?
SOL/USD 4-hour chart. Source: TradingView

Solana price action saw an increase of over 250 percent over the past month after a new swing low of 22.5 was set on the 20th of July. Over the past week, SOL/USD saw a very rapid advance, however, bears ultimately became exhausted, with only slightly higher highs set.

Eventually, a new all-time high was set at the $80 mark. From there, the market started to retrace and likely will continue moving lower later this week as bears look to set another major swing low.

A potential support area to look at is the previous all-time high at $58. If the Solana price retraces to the resistance turned support, we can expect a several-day consolidation to be formed from there. 

Solana Price Analysis: Conclusion 

Solana price analysis is bearish for today as we expect further downside later today after a retracement over the last 24 hours. Since bulls have lost their momentum over the past week, with only slightly higher highs set, SOL/USD will likely look to retrace even lower early this week.

While waiting for Solana to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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