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Solana Price Analysis: SOL break below $210, another strong drop to follow?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD failed to move high yesterday.
  • Closest support at $210 broken.

Solana price analysis is bearish today as we saw the $210 support break after failure to reach upside yesterday. Likely, SOL/USD will continue lower over the next 24 hours, with the next potential support area around $190.

Solana Price Analysis: SOL break below $210, another strong drop to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw a bearish momentum return over the last 24 hours. Bitcoin declined by 1.09 percent, while Ethereum dropped 0.39 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 15 percent.

Solana price movement in the last 24 hours: Solana fails to move higher, drops below $210

SOL/USD traded in a range of $202.49 – $222.88, indicating substantial volatility over the last 24 hours. Trading volume has declined by 11.74 percent, totaling $2.65 billion, while the total market cap trades around $61.6 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: Solana moving lower again

On the 4-hour chart, we can see the Solana price action rapidly declining as the $210 support failed to hold.

Solana Price Analysis: SOL break below $210, another strong drop to follow?
SOL/USD 4-hour chart. Source: TradingView

Solana price action saw a strong advance over the first days of November. A new all-time high was set at $260 on the 6th of November, after a gain of more than 45 percent from the previous low.

Since then, SOL/USD has seen steady retracement, with the $220 mark offering some support initially. Heavy selling followed after a slight correction on the 14th of November, quickly leading Solana to the $210 next support.

Yesterday, the Solana price attempted to recover, with only the $220 mark reached. Overnight, selling pressure returned, pushing the market lower. A strong break lower followed earlier today, leading to the current decline, likely resulting in a substantial lower low set.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we saw a failure to move higher late yesterday, leading to another drop overnight. This time, SOL/USD broke past the $210 support, resulting in a sharp move lower right now.

While waiting for Solana to move further, read our guides on eToro vs Coinbase, How to mine Solana Classic, and Solana vs Cardano.

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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