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Solana Price Analysis: SOL slowly continues to retrace, a retest of $120 to follow today?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD continued to decline overnight.
  • SOL broke past $130 again.

Solana price analysis is bearish today as the market continued to decline over the last 24 hours and set another local low and high. Therefore, we expect SOL/USD to see further downside later today and potentially move to retest the $120 current major swing low.

Solana Price Analysis: SOL slowly continues to retrace, a retest of $120 to follow today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bearish momentum over the last 24 hours despite the market leaders, Bitcoin and Ethereum, gaining 1.67 and 2.54 percent. The rest of the top altcoins have seen a slight decline of 2-4 percent.

Solana price movement in the last 24 hours: Solana sets lower low below $130

SOL/USD traded in a range of $125.12 – $140.94, indicating strong volatility over the last 24 hours. Trading volume has decreased by 18.37 percent and totals $2.4 billion, while the total market cap trades around $40.3 billion, ranking the coin in 7th place overall.

SOL/USD 4-hour chart: SOL to see further downside today?

On the 4-hour chart, we can see the Solana price moving higher over the past hours as bears likely take a pause before further downside attempts.

Solana Price Analysis: SOL continues to retrace, a retest of $120 today?
SOL/USD 4-hour chart. Source: TradingView

The Solana price action has traded in a steady bearish momentum this month. After a strong rally during the first days of September, SOL/USD peaked at around $215 on the 9th of September.

This price action movement was followed by a strong reversal, with several lower lows and highs set over the past weeks. The current major swing low at $120 was set on the 21st of September, followed by a reaction to $150, where another lower high was set.

Since then, SOL/USD has declined, with two small pushes lower to $130 slowly. Overall, we expect this price action development will lead Solana price action lower next week, with the $120 support as the closest target.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as the market continued to drop over the last 24 hours after setting a slightly lower high. Therefore, we expect SOL/USD to reach further downside and potentially test the $120 support next.

While waiting for Solana to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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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