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Solana Price Analysis: SOL spikes higher after a retest of $190 support

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD retested $190 overnight.
  • Closest resistance at $210.

Solana price analysis is bullish today as we expect further recovery after the $190 support prevented further downside overnight. Likely SOL/USD will test the $10 resistance next.

Solana Price Analysis: SOL spikes higher after a retest of $190 support 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bearish momentum return over the last 24 hours, with Bitcoin down by 3.51 percent. Ethereum lost 0.82 percent, while Solana (SOL) declined by 2.02 percent.

Solana price movement in the last 24 hours: Solana retests $190, spikes above previous high

SOL/USD traded in a range of $187.67 – $211.16, indicating substantial volatility over the last 24 hours. Trading volume has increased by 61.53 percent, totaling $4.4 billion, while the total market capitalization trades around $62.3 billion, ranking the coin in 3rd place overall.

SOL/USD 4-hour chart: SOL to test $210 resistance next?

On the 4-hour chart, we can see the Solana price action pushing higher this morning, likely leading to a test of $210 resistance.

Solana Price Analysis: SOL spikes higher after a retest of $190 support
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen heavy selling return over the past weeks. After a strong rally at the beginning of November, a new all-time high was set at $260.

From there, SOL/USD saw steady retracement for a week until the $220 mark. After a slight upsurge on the 13th of November, the selloff continued to the $210 mark. Support was initially preventing further downside, leading to a slight consolidation formed.

However, a strong break lower followed Yesterday, leading the Solana price to the $190 mark. A slight reaction higher followed, with the swing low retested again overnight. Since further downside could not be reached, SOL/USD should see a reaction higher, with the closest support at $210.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as we expect further upside after the $190 support stopped further selling. Therefore, SOL/USD should test the closest resistance at $210 next.

While waiting for Solana to move further, see our guides on the Best crypto exchange, how to mine Solana Classic, and Cardano vs Solana.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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