- Solana price analysis is bearish on the 24-hour chart.
- SOL/USD aims $150 mark.
- Solana is likely to move higher today.
On the previous day’s Solana price analysis chart, Solana followed a positive trend. However, solid selling pressure when the daily price analysis chart was established halted the prices from rising further to their lowest level on the daily price analysis chart at $144.The bulls appeared to be drawing up a plan for an assault that would reverse the current downtrend. The bulls congregated in large numbers and amassed enough strength to establish sturdy backing, which reversed the bearish trend and drove the SOL/USD to rise.
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.
Most digital assets are bleeding, as indicated by the daily cryptocurrency heatmap. The two giant assets, Bitcoin and Ethereaum, are reading in negative market trends recording drops. Bitcoin price has dropped by 0.34 percent, while the second-largest digital asset has seen more than 4 percent price decline. Binance coin (BNB) is trading in the same direction, recording more than one percent price drop. Solana has dropped by 1.06 percent, and it is currently trading at $147.
SOL/USD 4-hour chart: Bulls prepares for a rally
The Solana price has been moving sideways on the 4-hour Solana price analysis chart as bulls wait for a push higher.
SOL/USD 4-hour chart. Source: TradingView
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 expect Solana’s price to undertake a downward trend in the next 24-hours due to rejection at $150.
The Bollinger Bands are wide as price volatility has only increased in recent hours, with SOL moving between the $143 and the $149 marks. However, the bands are contracting on the hourly chart as a sign of reducing volatility. VeChain price seems to be advancing to the lower band, implying a bearish trend might set in soon.
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.
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