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Solana Price Analysis: SOL finds support at $150, ready to move higher?

TL;DR Breakdown

  • Solana price analysis is bullish for today.
  • SOL/USD continued to respect $150 support.
  • Solana is likely to move higher overnight.

The Solana price analysis is bullish today as the previous support around $150 was retested with a quick spike lower overnight. Since bulls quickly pushed SOL/USD back above the support, we assume upwards momentum will continue later this week.

Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours, with the market leader, Bitcoin, up by 2.84 percent. Ethereum is up by 2.72 percent, while Binance Coin (BNB) is among the best performers, gaining 8.24 percent.

Solana price movement in the last 24 hours: Solana retests $150 support

SOL/USD traded in a range of $143.55 – $166.18, indicating substantial volatility over the last 24 hours. Trading volume totals $5.95 billion, up by 35 percent from yesterday. Meanwhile, the total market cap trades around $47.33 billion, ranking the coin in 7th place overall.

SOL/USD 4-hour chart: SOL ready to rally again?

On the 4-hour chart, we can see the Solana price moving sideways as bulls prepare for a push higher.

SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen bearish price action over the past weeks. After rallying to the $215 mark on the 9th of September, bulls became exhausted, and a retracement followed over the next week.

Support was reached above $150 on Monday, followed by a slight reaction higher. However, yesterday, Solana reversed again and moved back towards the support. 

A quick spike lower was seen overnight, with bulls immediately increasing their pressure, resulting in a move back above the $150 support. Since then, SOL/USD has consolidated around $160 as bulls prepare for the next leg higher.

Solana Price Analysis: Conclusion

Solana price analysis is bullish for today as the $150 support held the market in place overnight. Therefore, we expect SOL/USD to move higher over the next 24 hours and look to set a higher local high next.

While waiting for Solana to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as 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.

This post was last modified on September 15, 2021 4:36 pm

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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