Solana Price Analysis: SOL/USD got rejected at $97 but bulls still consolidating to cross the $100 mark

Solana price analysis

TL;DR Breakdown

  • Today’s Solana price analysis is bullish after an 8.00 percent surge
  • SOL/USD traded within a daily range of $86 – $97.
  • Solana price action has witnessed bullish patterns in the past 4 -weeks. 

Today’s Solana price analysis is bullish after the scalability solution token witnessed an  8 percent continuation to the $97 region on the daily chart.  Solana bounced from a daily low of $86, thereby defending the bulls from sinking below the $85 support. Buyers are anticipating the coin to record further gains in the next 24 hours as the bulls reach out to sustain the momentum and strongly prevent the destruction of the ascending structure.

Solana price movement in the last 24 -hours: Will bulls expand the range with higher lows and higher highs?

According to our Solana price analysis, SOL/USD traded within a daily range of $86 – $97. Such a broad suggesting high volatility across the 24-hour trading session. Solana’s daily trading volume underwent a 34.40 percent surge to a total of $3.28 billion. The total market capitalization stands at $27.37 billion after an 8.10 percent surge in the last 24 hours. Solana is ranked position #8 among the leading cryptocurrencies by market cap. 

4-hour Solana Price Analysis: Bulls aim for $100

On the 4-hour Solana price analysis, SOL/USD is trading upwards as bulls attempt to cross into the $97 region.  Bulls have their eyes focused on the $100.00 upper target and are working against time to build momentum and build the resistance between $97 and $98. The bulls seem persistent to set a new high on the 24-hour chart, but their attempts are being met by take-profit traders. 

Solana price action has witnessed bullish patterns in the past 4 -weeks. This was after the coin underwent a rapid swing low in June to the $48 mark ahead of rallying by approximately 200+ percent to the press time price of $93.

Solana Price Analysis: SOL/USD got rejected at $97 but bulls still consolidating to cross the $100 mark 1
Source: Tradingview

SOL/USD did not have a good start into the week following a 20 percent retracement to the $68 support mark. The bears are still acting against the upper support levels and persistently want the price to retest this mark. Nonetheless, Solana’s price action hit a higher low at $81, and the cryptocurrencies market has been consolidating above it since the start of the weekend

Solana price analysis conclusion

Solana’s price analysis is bullish as a strong rally was seen yesterday, and the market price currently trades just near the $94 mark. Therefore, we expect SOL/USD to swing higher later today and target the $100 mark next. While waiting for SOL/USD to move further, read our articles on Decentralized Exchanges,   Bitcoin Futures, and 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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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