- 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.
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.
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.