- Solana price analysis shows SOL is trading bullishly on our 24-hour SOL price analysis
- Further downsides were rejected at the $162 mark
- We expect a bullish rally during the day
Solana is trading bullishly on our 24-hour SOL price analysis following a strong overnight rally to the $175 region. Further downsides were rejected at the $162 mark and the coin corrected upwards once again to the $170 support. The bulls are attempting to sustain a substantial advance above $175 and consolidate sufficient momentum to face resistance at $199. Solana’s upward target lies at $200. In the course of the day, we are expecting SOL/USD to undergo further gains and set higher lows.
Cryptocurrency heat map. Source: Coin360
The overall cryptocurrency market is trading within the green zone, as seen on the cryptocurrency heatmap. The last 24-hours have witnessed massive gains across all major digital assets, with Bitcoin and Ethereum increasing by over 2.5 percent. Solana is among the best performers, with a gain of 21 percent on the daily chart.
Solana price movement in the last 24 hours: Solana rallied to $175
Data we recorded on our 24-hour Solana price analysis indicate a daily trading range of $162 – $175. Quit a broad range that suggests high volatility for the day. Trading activity is heightening on the Solana chart, with the coin’s total trading volume increasing by 139 percent to a total of $6.8 billion. Coin Market Cap recorded a total market capitalization of $50.1 billion and ranked Solana at position #7 overall.
SOL/USD 4-hour chart: Solana rejects further downside
On the 4-hour chart, we can see the Solana price action starting to reverse after rejecting the $175. The coin has reversed to the $171 region and is slowly advancing once again upwards.
XRP/USD 4-hour chart. Source: TradingView
Solana’s price action has traded with a strong bullish momentum over the past month. From the $58low, set on the 20th of July, SOL/USD rallied by more than 260 percent until resistance was found at the $175 mark today.
From there, SOL witnessed a retracement last week, with the $95 – $100 area serving as support. However, the subsequent rally set a lower low, with the market price consolidating around the $97 mark for several days.
This Solana price action development resulted in another retracement back to the $137 – $150 support. Since further downside was not seen and some rejection was made earlier today, we assume SOL/USD is ready to reverse the upside again and test the previous highs later this week.
Solana Price Analysis: Conclusion
Solana price analysis is bullish today as the market has established another higher low above the $160 support, and bulls prepare for another rally. Therefore, we expect SOL/USD to rally higher later today and finally breach some new resistances.
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.