- Solana price analysis is bearish for today.
- SOL/USD set a lower high overnight.
- Solana targets the $58 support next.
Solana price analysis is bearish for today as the market set another lower high overnight and currently starts to move lower again. Therefore, we expect SOL/USD to reach further downside later today and target the $58 mark next.
The cryptocurrency market traded with a slight loss over the last 24 hours. The market leader, Bitcoin, has lost 0.75 percent, while Ethereum remains flat. Solana (SOL) has seen a loss of 0.23 percent.
Solana price movement in the last 24 hours: Solana sets a lower high at $74
SOL/USD traded in a range of $66.26 – $73.98, indicating a substantial amount of volatility over the last 24 hours. Trading volume has declined by 6.37 percent and totals $1.64 billion, while the total market cap trades around $19.72 billion, ranking the coin in 10th place overall.
SOL/USD 4-hour chart: SOL ready for a further downside?
On the 4-hour chart, we can see the Solana price starting to move lower again, which should lead towards more downside later today./
The Solana price action saw a strong advance over the past month. From the $22.5 low set on the 20th of July, SOL/USD advanced by more than 250 percent until strong resistance was found around the $80 mark.
Last week, we saw bulls slow down their advance, with only slightly higher highs set at first. On Tuesday, SOL attempted another push higher, setting a lower high, indicating that the market is ready for a substantial retracement over the next weeks.
This Solana price action development was followed by a further decline over the last days. SOL/USD broke past the $70 mark and started to move in increasingly more bearish momentum, indicating that we could see the $58 previous all-time high retested as a support by the end of this week.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today as bears continue to push the market lower after another lower high was set overnight. Therefore, we expect SOL/USD to continue to decline and move towards a retest of the $58 previous all-time high later this week.
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