- Solana price analysis is bearish today.
- SOL/USD continued to decline overnight.
- SOL broke past $136 major support.
The price of Solana is down today as the market fell further over the previous 24 hours, establishing another local low and high. As a result, we anticipate SOL/USD to plummet further today and potentially reach the $136 recent major swing low for a retest.
Solana price has declined further overnight, coming to rest around the previous major support at $136. The drop in value shows that it could retest the local swing low of $133 before any recovery is seen.
As noted yesterday, this market has now seen three significant rejections of the $145 resistance level. At each instance, prices fell to establish a new low at $133 before rebounding. It’s worth noting that these lows are beginning to congeal together as support and serve as a fundamental level for traders moving forward.
The long-run outlook is simply a continuation of yesterday’s outlook. We believe Solana will receive solid support at $136, and a new swing low could be set before the price rises again.
Solana price movement in the last 24 hours: SOL breaks past $136 major support
Looking at the chart, we see a large consolidation area with a resistance of around $142. At the time of writing, prices are trading within this range and will likely test both supports and resistances. The first target for traders looking to enter the market is at $136, which is the market’s previous major swing low. A break below this resistance will open up further losses, bringing SOL prices to test $130 and lower.
The short-term outlook for Solana is bearish in the near term. There has been no significant news over the last 24 hours nor any shifts in sentiment from the broader industry. Looking at technical indicators, we see prices are downward and may continue to test $136 before any recovery occurs.
SOL/USD 4-hour chart: SOL to see further downside today?
On the 4-hour chart, we can see that the Solana price has risen over the last hours as bears likely took a break before attempting further declines.
SOL/USD 4-hour chart. Source: TradingView
This month, Solana’s price action has been in a consistent bearish trend. On September 9th, the SOL/USD pair reached a high of around $215.
SOL/USD has been in a downtrend since, with two brief boosts lower to $130. Overall, we anticipate this price action development will lead Solana pricing downward next week, with the $120 support as the nearest target.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today as the market continued to drop over the last 24 hours after setting a slightly lower high. Overall, we expect the SOL/USD pair to continue to trend down in the near term.
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