- Solana price analysis is bearish today.
- SOL/USD is presently at $236.
- Selling pressure has returned over the past hours.
Today’s low was at $236, which has been touched a few times since then. SOL/USD is presently down 1.7% to be trading the day around $237. The intraday chart displays a falling wedge forming, meaning that selling pressure makes itself felt once more. In case the support levels do not hold, we’re looking at a drop to $225 or lower.
The push to this price level will be tested by buyers’ fortitude. If they can persevere, SOL/USD will likely resume its decline and test the $235 mark. This would be another selling opportunity because we believe sellers will break below the current market price over the long term.
If sellers can break through $230 once more, the next support levels are at $220 and $210. We believe that SOL/USD will continue to fall until it reaches this price level.
SOL/USD 4-hour chart: SOL to retrace?
On the 4-hour chart, the price of Solana established a new support level at $235. The bearish momentum in the Solana price action resumed after a test of the $240 resistance.
In the year’s final month, Solana’s price took a step back and was largely sideways. A retracement followed after Solana set a new high of $220 on October 25th.
The $240 resistance level was broken, and the price retested the $220 support. It has tested this support level thrice and found it holding, which is a bearish sign for us.
Today’s high was at $237, which has been touched only twice in the course of the day. The price action now stands at $237, a 2.09% decrease from yesterday’s high of $240.If the area around the current market price holds, SOL/USD will likely resume its course towards lower resistance levels by touching or testing $225 and even breaking it down to further lows.
The price action is sloping downwards over time in the daily chart, which is a bearish sign. The RSI indicator also shows signs of an impending continuation of the downtrend. In this scenario, we think that there will be no change in the next few days, and SOL/USD will continue its fall.
The MACD daily chart shows that selling pressure is likely to increase over time if $235 doesn’t hold. The convergence of the lines means that the price is at a crossroads and has to make up its mind soon.
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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