- Solana price analysis is bearish today.
- SOL/USD is currently trading at $169.9
- The 200-day moving average has been crossing the $170 threshold for a while now, suggesting that Solana will reverse.
The Solana price is in undersell pressure once again today, as selling pressure has returned after a brief rally to $175 overnight. As a result, we expect SOL/USD to reverse and recede some of the gains made earlier this week.
Solana price movement in the last 24 hours: Solana finds support $160
The Solana price is currently trading at $169.9, with a total volume of 3 billion. SOL/USD is down -1.34% in the last 24 hours, and the market cap has dropped to ~$52 billion from yesterday’s ~$55 billion giving us some insight into why prices are falling today. The 200-day moving average has been crossing the $170 threshold for a while now, suggesting that Solana will reverse. We had a brief rally overnight after a dip to test support at the 50-day moving average failed to hold and bounced off it slightly before going on another leg lower this morning across some major support areas.
Solana finds support at $160
SOL/USD finds support at the long-term downside 1.414 Fibonacci Extension (marked in blue) priced at $161.41. Support to the downside of this level is found at a short-term downside 1.618 Fibonacci Extension (marked in red) priced at $155.22, closely followed by the .886 Fibonacci Retracement (marked in purple), which can be seen priced roughly around the same area as the previous level of support noted above. Suppose the bears continue to pressure prices even further lower. In that case, we can expect more support below to be located at the short-term downside 1.272 Fibonacci Extension (marked in purple) priced at $145.41 and then on the longer termed downside 1.618 Fibonacci Extension (marked in blue) priced around $140.
SOL/USD 4-hour chart: Bullish signals
SOL/USD 4-hour chart. Source: TradingView
The price of Solana has been in a sideways consolidation since last Friday. Sustained selling had finally met resistance at $120 after a several-week slide that began at $215.
The Solana price has established a clear higher high and broken through the $160 resistance. The $170 mark was surpassed yesterday, with subsequent gains to that point. Since then, SOL/USD has been trading sideways, suggesting that selling pressure is returning; this could result in a several-day retracement next week.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today, as bears have regrown in the market after a strong rally over the last 24 hours took SOL to $170 resistance. As a result, we expect SOL/USD to retreat over the following days and establish another higher low before continuing higher.
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