- SOL/USD is trading bearishly on today’s Solana price analysis.
- The overall cryptocurrency market is trading within the bearish zone
- During press time, SOL/USD is trading at $180.
SOL/USD is trading bearishly on today’s Solana price analysis. This is after the coin underwent a bullish continues two days ago into the $220 region and corrected downwards to the $180 support during yesterday’s session. We expect the price action of SOL/USD to reverse in the course of the day and record some losses on the 24-hour chart.
The overall cryptocurrency market is trading within the bearish zone following a general market correction that saw Bitcoin plunge by 3.46 percent, Ethereum drop by 5 percent, and Solana crash by 12 percent. LUNA emerged as the best performing cryptocurrency of the day after increasing by 33 percent.
Solana price movement in the last 24 hours: Solana pulled back to $170
According to the daily Solana price analysis, SOL/USD is trading within a broad bearish range of $170 – $193. The daily trading volume for the Layer 1 smart contracts solution token went down by 22 percent to a total of $7.44 billion. As of this writing, Solana trades at a market capitalization of $52.5 million.
SOL/USD 4-hour chart: SOL set to retrace?
On our Solana price analysis chart for the 4-hour session, SOL/USD has retraced to the $170 region, but the bulls are now attempting to break out of $180. During press time, SOL/USD is trading at $180.
Solana’s price action has witnessed significant bullish pressure over the past weeks to the extent of emerging the best-performing coin on multiple days. After Solana consolidated below the $80 mark around the close of August, the bulls traced an upswing to the $200 region through September.
Traders do expect Solana to continue its bullish path to $500 in the medium and long term. However, we are still estimating the start of a price reversal to allow the bulls to consolidate more strength before rallying upwards.
Buyers seem exhausted at the moment but are trying to regain momentum, as seen by the upward correction from $170 to the $180 region. Strong rejection lies between $195 – $200, which means large buyer volumes must be present to overcome this resistance zone.
Solana Price Analysis: Conclusion
Today’s Solana price analysis indicates bearish signals over the next 24-hours and indicates that the market might begin to retrace in the near term. Therefore, we expect SOL/USD to remain within the $175 support or correct lower due to heightening bearish pressure.
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