- 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.
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 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.