- The Solana price forecast is bullish for today.
- Volatility is high at the moment
- SOL finding support at $135
The price of Solana is now in a strong position, and we anticipate more setbacks to be followed with greater advances. Following today’s new lows for the long-term trend, which occurred at $130 rapidly, the long-term bearish trend will continue. We expect SOL/USD to rebound following such a significant decline after such a severe drop.
The cryptocurrency market as a whole was in the red over the last 24 hours, with Bitcoin declining 7.88 percent. Ethereum was the worst performer, losing 8.53 percent, while Avalanche (AVAX) is among the worst losers, having tumbled 17%.
Solana price movement in the last 24 hours: Solana declined past previous low, support found at $130
On August 7, the price of SOHOcoin/USD changed hands between $125 and $141, with substantial swings over the previous 24 hours. The trading volume has increased by 26.76 percent, reaching $5 billion. Meanwhile, the total market capitalization is roughly $42.72 billion, putting it in 7
SOL/USD 4-hour chart: SOL ready to reverse?
On the 4-hour chart, we can observe that the Solana price has repelled additional downside near $130 when it was broken.
SOL/USD 4-hour chart. Source: TradingView
The Solana price has not seen a quick return to its all-time high, and prices are still moving in a bearish direction. This maintained the downward momentum that began on September 7th when SOL/USD plummeted from $215 to $213.
After a period of consolidation, Solana continued to fall with several lower lows established. On Friday, strong support was discovered at $135, with a push to $170 the next day.
With the price falling, bulls lost their grip on the market. However, this decline was short-lived, and a reversal to the downside followed quickly. Another nadir was established, with a drop of approximately 25 percent.
Solana Price Analysis: Conclusion
Today’s analysis of Solana’s price is favorable, especially since a strong reaction was seen at $130 following a significant drop over the previous 24 hours. As a result, we anticipate that SOL/USD will reverse and try to recover some of the lost ground in the coming days.
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