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Solana price analysis: SOL/USD to hit $170 by midnight

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD is currently trading at $166.
  • bulls struggle to break above $170.

Solana’s price is again under selling pressure today, as selling pressure has returned after a brief rally to $175 overnight. As a result, we anticipate that SOL/USD will reverse and fall some of the gains made earlier this week.

Solana price movement in the last 24 hours: Solana finds support $160

Solana is currently valued at $169.9 per unit, with a market value of roughly $52 billion as of this writing. SOL/USD is down -1.34 percent in the last 24 hours, and the market capitalization has dropped to around $52 billion from yesterday’s about $55 billion, providing some insight into why prices are falling.

Moving forward, we anticipate constant selling pressure from resistance levels of $170, as more traders realize that Solana is not a good asset to hold long-term. In addition, the 200-day moving average that has been crossing the $170 threshold for a while now will likely continue to influence price, and we expect SOL/USD to continue trending southwards towards $160.

The Stochastic Oscillators have dipped into oversold territory once again, demonstrating just how much pressure there currently is on the bulls. The RSI has also resumed its decline, so if it dips below 30, bears could be in charge once again.

The black line represents the 55-day moving average, while the red line is the 200-day moving average. As shown by this 1-day chart, the black 15-minute line represents a consolidation period for SOL.  

SOL/USD 4-hour price analysis chart: Bullish signals

SOL/USD 4-hour chart. Source: TradingView

Since last Friday, Solana’s price has been in a sideways consolidation. After several weeks of decline, selling had finally reached resistance at $120, having resisted for many weeks after reaching $215.

The Solana price has broken above the $160 mark and established a strong higher high. Yesterday, the $170 barrier was breached, with subsequent advances to that point. Since then, SOL/USD has been trading sideways, suggesting that selling pressure is returning; this might lead to a retracement of several days next week.

Solana Price Analysis: Conclusion

The bearish outlook for Solana is bolstered by the fact that bears have regrown in the market after a strong rally over the previous 24 hours took SOL to $170 resistance. As a result, we anticipate SOL/USD to decline over the next few days and establish another higher low before proceeding higher.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on October 5, 2021 5:04 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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