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Solana Price Analysis: SOL retests $250 again, swift reversal to follow?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD rallied to $250 again.
  • Selling pressure has returned over the past hours.

Solana price analysis is bearish today as we expect the $250 mark to hold, reversing the market back to the downside. Therefore, we expect SOL/USD to retrace and move towards the $215 mark to retest previous resistance as support.

Solana Price Analysis: SOL retests $250 again, swift reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. Bitcoin lost 1.64 percent, while Ethereum 2.15 percent. Meanwhile, Shiba Inu continues to recover, with a gain of 11.38 percent.

Solana price movement in the last 24 hours: Solana retests $250 again after a small retracement yesterday

SOL/USD traded in a range of $231.16 – $250.05, indicating moderate volatility over the last 24 hours. Trading volume has declined by 20.5 percent and totals $2.08 billion. Meanwhile, the total market cap trades around $73.7 billion, ranking the coin in 4th place overall.

SOL/USD 4-hour chart: SOL to retrace again?

On the 4-hour chart, we can see bearish momentum coming back for the Solana price action after a test of the $250 resistance again.

Solana Price Analysis: SOL retests $250 again, reversal to follow?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen sideways movement at the end of October. After setting a new higher high at $220 on the 25th of October, a retracement followed.

Support was found around $180, with both lower high and higher low set from there. On Tuesday, bulls gathered momentum enough, breaking past the previous major swing high.

Bullish momentum continued for more than 24 hours until SOL/USD peaked at $250. The second retest of the high was seen on Thursday, with the Solana price immediately rejecting lower.

Currently, we see the third attempt to break higher. Bearish momentum has returned as soon as the $250 mark was reached, indicating that the market is not yet ready to break higher.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as the $250 resistance prevented further upside again. Therefore, we expect SOL/USD to retrace and look to test the downside.

While waiting for Solana to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

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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