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Solana Price Analysis: SOL downward correction continues to $144 level

ATOM USD price analysis

TL;DR Breakdown

  • Solana price analysis is bearish on the 24-hour chart
  • SOL/USD crashed below $150
  • Solana is likely to move lower today

Today’s Solana price analysis is bearish, as the currency has broken below $150 and dashed to $145 overnight. We anticipate that downward momentum will continue later this week since bears rapidly pulled SOL/USD back beneath the main support.

Over the last 24 hours, the cryptocurrency market has been in a downward trend. Bitcoin dropped 0.78 percent, while Ethereum declined by 2.48 percent. Avalanche (AVAX) is still the most successful, with a gain of 9 percent.

Solana price movement in the last 24 hours: Solana retests $145 support

The SOL/USD pair was in a range of $143.55 to $166.18 throughout the trading day, with significant volatility over the previous 24 hours. The trading volume stands at $3.25 billion, up 1.28% from yesterday’s level. Meanwhile, the overall market cap is valued at around $42 billion, putting it at position #7 overal.

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

The Solana price has been moving sideways on the 4-hour Solana price analysis chart, as bulls wait for a push higher.

Solana price analysis
SOL/USD 4-hour chart. Source: TradingView

The price of the Solana has been trading in a downward trend for days now since breaking down from $200 support.  The losses solidified further after the blockchain shutdown resulting in a break below $160. The bulls are now tired, and a correction downwards will ensure.

Bulls are attempting to correct higher and break resistance at $159 but sellers remain stronger. We are expecting the price of Solana to undertake a downward trend in the next 24-hours due to rejection at $150.

Solana Price Analysis: Conclusion 

The Solana price analysis for today is unfavorable today, as the $150 support that held back the market has been broken and the coin is heading towards $140. As a result, we anticipate SOL/USD to drop over the next 24 hours and aim to test a lower high.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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