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Solana Price Analysis: SOL ready to break $250 after strong advance earlier?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD set another higher low yesterday.
  • Bullish momentum continued today.

Solana price analysis is bullish today as we expect the $250 mark to be broken next after a strong advance overnight. Therefore, SOL/USD will likely set a clear higher high over the next 24 hours, with the $260 mark likely tested later this week.

Solana Price Analysis: SOL ready to break $250 after strong advance earlier? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the green over the last 24 hours, with Bitcoin up by 1.7 percent. Ethereum has seen even better performance as it has gained 3.21 percent, while Solana (SOL) trades with a 3.17 percent gain.

Solana price movement in the last 24 hours: Solana sets higher low, continues higher

SOL/USD traded in a range of $230.69 – $245.98, indicating mild volatility over the last 24 hours. Trading volume has declined by 3.99 percent and totals $2.114 billion, while the total market cap trades around $74.52 billion, ranking the coin in 4th place overall.

SOL/USD 4-hour chart: SOL ready to break $250?

On the 4-hour chart, we can see the Solana price action trading higher again today as bulls prepare to break the $250 mark.

Solana Price Analysis: SOL ready to break $250 after strong advance earlier?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen a steady decline over the past days. After a strong rally at the beginning of November, a new all-time high was set at $260. 

From there, the retracement began, leading SOL/USD to retest previous highs around $215 as support. Rejection for further downside was seen on the 10th of November, leading to a slightly higher low set on Friday.

The Solana price action has started to recover since then. A higher low was set late yesterday above $230, with bulls currently targeting the $250 mark.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as we saw further upside after a higher low set yesterday. Therefore, we expect SOL/USD to break the $250 mark and move higher over the next 24 hours.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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