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Solana Price Analysis: SOL corrects below $250 after testing a higher high of $252

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.

The Solana price analysis is bearish right now since we expect the $250 mark to hold, bringing the market back down. As a result, we anticipate that SOL/USD will retrace and approach support at the $215 level to test previous resistance once again.

Solana price analysis
Cryptocurrency heat map. Source: Coin360

The overall market traded with bullish momentum over the last 24 hours. Bitcoin gained 3.87 percent, while Ethereum 1.98 percent. Meanwhile, ADA is among the top performers from the major altcoins, with a gain of 6 percent.

Solana price movement in the last 24 hours: Solana retests $252 again after slight retracement overnight

Over the last 24 hours, ZEN/USD has fluctuated in a wide range of $245.16 to $252.995, with a reasonable degree of volatility during that same time period. Trading volume has decreased by 20.5 percent and stands at $2 billion. The total market cap is about $73.7 billion, putting the coin’s market capitalization at around 2.36 percent.

In the past few hours, SOL/USD has been trending up from a price of $245 to an intraday high of $250 before a short term retracement took place.

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

We can see bearish momentum returning to the Solana price action after a test of the $250 resistance once again on the 4-hour chart.

Solana Price Analysis: SOL corrects below $250 after testing a higher high of $252 1
SOL/USD 4-hour chart. Source: TradingView

At the conclusion of October, Solana price action was largely sideways. A retracement followed after Solana set a new high of $220 on the 25th of October.

Bulls were able to hold the $180 level and continue on their way, with both a lower high and higher low established there subsequently. On Tuesday, bulls built up enough steam to break through the previous major swing high.

For almost 24 hours, the bullish momentum continued until the price of SOL/USD hit a high of $250. On Thursday, the Solana price was immediately rejected lower as a second retest took place.

We’re now on the cusp of a third attempt to break higher. When the $250 mark was broken, bearish momentum rapidly returned, suggesting that the market isn’t yet ready to break higher.

Solana Price Analysis: Conclusion 

At the moment, We saw a bearish price pattern for Solana this morning as the $250 resistance stopped any additional gains. As a result, we anticipate SOL/USD to retrace and aim 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.
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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