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Solana Price Analysis: SOL retraces to $155 support after rejection at $159

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD could not reach further upside overnight. 
  • $165 resistance is likely to reverse Solana.

The Solana price is bearish today, as selling pressure has returned after a brief rise to $175 yesterday. As a result, we anticipate that SOL/USD will reverse and retreat some of the gains made earlier in the week.

Solana price analysis

Cryptocurrency heat map. Source: Coin360

Following a 1.21% rise in Bitcoin and a 0.62% fall in Ethereum, the general cryptocurrency market is trading with mixed results, according to Coin360’s heatmap. Binance Coin, Ripple, and Cardano have gained seats, while Solana, Polkadot, and Filecoin have lost them.

Solana price movement in the last 24 hours: Solana finds resistance at $170

Over the last 24 hours, SOL/USD traded in a range of $157.35 – $174.90, showing significant volatility. Trading volume is down by 17.1 percent and stands at $3.59 billion, while the overall market cap is about $50.76 billion, placing it in sixth place worldwide.

SOL/USD 4-hour chart: SOL set to retrace early next week?

On the 4-hour chart, we can observe a resumption of bearish momentum in the Solana price action after a brief rise over $158.

Solana Price Analysis: SOL retraces to $155 support after rejection at $159 1
SOL/USD 4-hour chart. Source: TradingView

The Solana price has been in a sideways consolidation for the last week. After a several-week drop from $215, support was discovered at $120.

After making a bearish break on Tuesday, SOL/USD subsequently saw sideways trading with lower highs and higher lows, with the $130 mark as support and $150 as resistance. Early this week, there was a lot of trading range; however, another rise began on Friday.

The previous Solana correction ended on Tuesday, and the price has now rebounded above $130. Last night, the Solana price action set a clear higher high and broke through $130 resistance for the first time. The $170 mark was broken yesterday. Since then, SOL/USD has traded sideways as selling pressure builds, suggesting that it will

Solana Price Analysis: Conclusion 

The Solana price analysis is bearish right now, as bears have returned to the market after a strong rally last 24 hours took SOL to $165. As a result, we anticipate that the SOL/USD pair will retrace over the next days and establish another higher low before continuing higher.

While waiting for Solana to move further, read our guides on how to create NFT art, NFT marketplaces, as well as Coinbase Wallet review.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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