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Solana Price Analysis: SOL swiftly moves above $200, targets $215 all-time high next?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD continued to advance.
  • Next resistance at $215.

Solana price analysis is bullish today as a strong move was seen today after some consolidation below $190 resistance. Therefore, we expect SOL/USD to continue higher over the next 24 hours and target the $215 all-time high next.

Solana Price Analysis: SOL swiftly moves above $200, targets $215 all-time high next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with mixed results as the market leaders Bitcoin and Ethereum retraced, leading to a loss of 3.45 and 1.18 percent, respectively. Meanwhile, Solana is among the top performers, with a gain of around 6.7 percent.

Solana price movement in the last 24 hours: Solana pauses below $190, breaks higher in the morning

SOL/USD traded in a range of $178.75 – $207.87, indicating very strong volatility over the last 24 hours. Trading volume has increased by 11 percent and totals $6.84 billion, while the total market cap trades around $61.18 billion, ranking the coin in 6th place overall.

SOL/USD 4-hour chart: SOL to break $215 all-time high today?

On the 4-hour chart, we can see the Solana price action continuing to rapidly advance as bulls look to reach the all-time high at $215.

Solana Price Analysis: SOL spikes above $200, targets $215 all-time high next?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen consolidation over the past weeks. After an initial rally higher at the beginning of October, SOL/USD peaked at $177.5. 

From the newly set high, a more than week-long retracement followed to $140. Since then, SOL/USD has slowly recovered, setting a higher low at $153 early this week.

What followed was a substantial spike higher on the 20th of October, leading SOL/USD above the previous high and towards the $190 mark initially. After some consolidation late yesterday, further upside was seen overnight, pushing SOL/USD above the $200 mark this time.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish as bullish momentum is still strong, taking SOL above the $200 mark. Therefore, we expect SOL/USD to approach the $215 all-time high later today.

While waiting for Solana to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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