- 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.
Cryptocurrency 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.
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.