- 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.
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.
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.