- Solana price analysis is bearish today.
- SOL/USD could not reach further upside overnight.
- $170 resistance is likely to reverse Solana.
Solana price analysis is bearish today as selling pressure has returned after a brief move to $175 overnight. Therefore, we expect SOL/USD to reverse and retrace some of the gains seen earlier this week.
The overall market traded with a slight bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 0.01 percent, while Ethereum has gained 2.45 percent. Meanwhile, Solana (SOL) is among the best performers, with a gain of around 8 percent,
Solana price movement in the last 24 hours: Solana finds resistance at $170
SOL/USD traded in a range of $157.35 – $174.90, indicating strong volatility over the last 24 hours. Trading volume has declined by 17.1 percent and totals $3.59 billion, while the total market cap trades around $50.76 billion, ranking the coin in 6th place overall.
SOL/USD 4-hour chart: SOL set to retrace early next week?
On the 4-hour chart, we can see bearish momentum returning for the Solana price action after a brief move to the $175, which broke the $170 resistance.
Solana price action has traded in a sideways consolidation over the past week. After a several-week decline from the $215 mark, support was finally found at $120.
From there, SOL/USD saw sideways movement with lower highs and higher lows, with the $130 mark serving as support and $150 as resistance. After a very tight trading range was seen early this week, another push higher began on Friday.
This time, the Solana price action set a clear higher high and broke through the $130 resistance. Further upside followed until the $170 mark was reached yesterday. Since then, SOL/USD has traded sideways as selling pressure returns, likely leading to a several-day retracement next week.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today as bears have returned to the market after a strong rally over the last 24 hours took SOL to the $170 resistance. Therefore, we expect SOL/USD to retrace over the next days and set another higher low before continuing higher.
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