Solana Price Analysis: SOL tests new ATH at $259, downsides could follow

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD rallied to $259 ATH.
  • Selling pressure has returned over the past hours.

The bearishness of the Solana price analysis is reinforced today, as we anticipate the $250 mark to hold, bringing the market back down. As a result, we expect SOL/USD to decline and test the previous low at $231.

Solana Price Analysis: SOL tests new ATH at $259, downsides could follow 1Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.19percent, while Ethereum 1.43 percent. Meanwhile, Binance Coin is the top performer, with a gain of more than 10 percent.

Solana price movement in the last 24 hours: Solana tests new all-time high

The price of SOL/USD fluctuated between $251.16 and $258.05 during the last 24 hours, suggesting a moderate degree of volatility. Trading volume has dropped by 20.5 percent and is now valued at around $2 billion. The overall market cap stands at roughly $73.7 billion, putting it in the fourth position among all cryptocurrencies.

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

After testing the $250 resistance once again, the Solana price action is approaching bearish momentum on the 4-hour chart.

Solana price analysis
SOL/USD 4-hour chart. Source: TradingView

On the heels of a massive gain in September, Solana’s price action has been sideways for much of October. Following a new high of $220 on the 25th of October, a retracement took place.

The preceding five-day range was $160 to $190. On Friday, the stock rose well above that level and kept going higher; support emerged near $180, with both a lower high and a higher low established thereafter. On Tuesday, bulls gained momentum enough to break past the prior huge swing high.

The price of SOL/USD remained in a range for more than 24 hours, and then suddenly rallied to $250. On Thursday, the Solana pricing repelled lower when it reached a new high.

We are now in the third attempt to break higher. As soon as the $250 mark was breached, bearish momentum resumed, suggesting that the market is still not ready to rise further.

Solana Price Analysis: Conclusion 

Today’s Solana price analysis is bearish, as the $250 resistance once again halted further growth. As a result, we anticipate SOL/USD to retrace and aim for 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.
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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