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.
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.
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.
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