- Solana price analysis is indicating bullish momentum on the daily chart
- SOL/USD moved within a daily trading range of $137 – $145
- SOL/USD pair has begun to rally again after a retracement to $137
Solana price analysis is indicating bullish momentum on the daily chart following a breakdown from the daily high of $144 to a retracement towards the $137 trendline. Therefore, we are expecting SOL/USD to consolidate strength near the $140 support and advance strongly towards the $150 next psychological support.
The overall cryptocurrency market is trading bullishly with market giant Bitcoin breaking above the $50K zone and Ethereum missing the $4K mark by only a few points. Solana is among the best performing coin of the week after rallying from $90 to $140 since Monday. Ripple (XRP) is the worst performer of the day after retracing in the last 24 hours by 2.56 percent.
Solana price movement in the last 24 hours: Dropping Volumes
According to our 24-hour candlesticks on the Solana price analysis, SOL/USD moved within a daily trading range of $137 – $145 and raked up to $2.8 billion in trading volume after a 40 percent drop. Coin Market Cap data recorded Solana’s market capitalization at $40.1 billion following a 3 percent negative change in the 24 hours. The layer 1 smart contracts platform is the most sought-after token after Cardano and ranks at number 7 among the top ten altcoins by market dominance.
Solana 4-hour price analysis: Flipping support after another
According to our 4-hour Solana price analysis, the SOL/USD pair has begun to rally again after a retracement to $137 and is currently pursuing a higher low in the course of the day.
Solana has struggled to move past the $130 supply zone where most traders are taking profit and creating a price barrier between this week’s swing high and the next target at $150.
SOL/USD has set a high low twice since the coin broke out of the July 20th swing low at $58. Both high lows were set at $79 and at $87. All of which flipped into crucial supports following the rally to the major psychological support at $100.
We are anticipating a dash against $150 in the course of the next 24 hours as the bulls consolidate momentum at $139 and $140.
Solana price analysis conclusion
The 24-hour Solana price analysis is suggesting bullishness on the majority of the technical indicators. Our expectation is for the bulls to sustain the current uptrend and break two more price barriers above $140 before breaking out of $150.
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