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Solana Price Analysis: SOL rejects downside at 215, rally to follow?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD spiked to $215.
  • Rejection for further downside seen over the past hours. 

Solana price analysis is bullish today as we expect a recovery after a strong move lower overnight took the market to $215, where support was found. Therefore, SOL/USD is ready to reverse and regain some of the losses seen earlier.

Solana Price Analysis: SOL rejects downside at 215, rally to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, with Bitcoin down by 7.93 percent, while Ethereum by 9.68 percent. Meanwhile, the rest of the top altcoins follow with a loss of around 7-10 percent.

Solana price movement in the last 24 hours: Solana moves lower overnight, support found at $215

SOL/USD traded in a range of $215.44 – $245.98, indicating strong volatility over the last 24 hours. Trading volume has increased by 71.83 percent and totals $3.46 billion, while the total market cap trades around $68.14 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL ready to reverse?

On the 4-hour chart, we can see rejection for further downside for the Solana price action, likely leading to a push higher later today.

Solana Price Analysis: SOL rejects downside at 215, rally to follow?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen bearish momentum return over the past weeks after a new all-time high was set at $260 on the 6th of November. SOL/USD reversed as further upside could not be reached, slowly moving lower until a spike to $217 was seen on the 10th of November.

SOL quickly recovered from there, with another slow reversal setting a higher low. Over the weekend, SOL moved towards the $250 resistance, peaking at $245 before another reversal lower.

Over the last 24 hours, we saw the Solana price drop again, briefly touching the $215 mark. SOL/USD did not trade near the low for long as bullish momentum has picked up over the past hours. Likely, we will see further upside as bulls are ready to take over for the rest of the day.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as the $215 mark offered strong support after a substantial drop lower earlier today. Therefore, SOL/USD is likely ready to reverse and regain some of the loss.

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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