TL;DR Breakdown
- Solana price analysis is bearish today.
- SOL/USD is currently trading at $240.
- Selling pressure has returned over the past hours.
The Solana price analysis is bearish at the moment because we anticipate that the $240 mark will hold, bringing the market back to where it was. As a result, we believe that SOL/USD will retreat and attempt to resist again at the $215 level, which would be its old resistance. The push to this price level will test buyers’ determination. If they can hold the line, then it is likely that SOL/USD will go for a retest at $240. This would be another selling opportunity since we expect sellers to break below the current market price over the long term.
On the other hand, if sellers can break through $250 again, the next support lines are at $220 and $210. We believe that SOL/USD might continue with its downward trend until it reaches this price level.
Another interesting thing to note is the Alligator indicator’s teeth on 4 hours timeframe, which is not good for price appreciation at the moment.
SOL/USD 4-hour chart: SOL to retrace?
The price of Solana established another support level at $235, which was tested once more on the 4-hour chart. The bearish momentum has resumed in the Solana price action after a test of the $240 resistance again.
At the end of October, Solana’s price movement was largely sideways. After setting a new high of $220 on the 25th of October, a retracement occurred.
Both a lower high and higher low were established when the price broke through the $180 barrier on Monday, with the Bulls able to maintain the $180 level and continue their path. On Tuesday, bulls gathered enough momentum to break past the prior major swing high.
The price of SOL/USD rose by approximately 2.5 percent to a high of $250 for almost 24 hours starting at 16:00 UTC on Tuesday, June 19th. The Solana price was immediately repelled lower as a second test began at 16:00 UTC on Thursday.
We’re on the verge of a third try to break higher. Bearish momentum swiftly returned when the $240 mark was broken, suggesting that the market isn’t yet ready to breakout.
Solana Price Analysis: Conclusion
The Solana price analysis is bearish at the moment. A retest of $250 or a break below $240 are both possibilities for today, but our bet is on the former because of its significance as a price level, which means it will be harder to break through. If there’s a break below $240, we predict that the market will head for a retest at $210.
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