Solana Price Analysis: SOL retests $210 before another drop?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD set lower low at $200 yesterday.
  • Retracement to $210 previous support seen overnight.

Solana price analysis is bearish today as we saw a lower low set yesterday, followed by a retest of previous support at $210 as resistance. Likely, SOL/USD will soon be ready to continue lower, with the $190 mark as the next target.

Solana Price Analysis: SOL retests $210 before another drop? 1
Cryptocurrency heat map. Source: Coin360

The market overall saw bullish momentum over the last 24 hours, with Bitcoin up by 2.96 percent. Ethereum followed with a gain of 1.94 percent, while Solana (SOL) is still in the red with a loss of 3.67 percent.

Solana price movement in the last 24 hours: Solana sets lower low, retraces to $210

SOL/USD traded in a range of $200.50 – $217.05, indicating substantial volatility over the last 24 hours. Trading volume has increased by 24.53 percent, totaling $2.72 billion, while the total market cap trades around $63.36 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL retest previous support at $210

On the 4-hour chart, we can see the Solana price action retracing some of the loss seen yesterday as bears prepare for another push lower.

Solana Price Analysis: SOL retests $210 before another drop?
SOL/USD 4-hour chart. Source: TradingView

The Solana price action has seen a recovery over the past days as a strong lower high was set with a quick spike to $240 on the 21st of November. However, since then, bearish momentum has taken over again, returning SOL/USD back along with the several-week bearish trend.

On Monday, we saw a drop to $210, followed by another lower high set at $225. Yesterday, bears took over from there, quickly pushing the market towards the previous low.

Late yesterday, a clean break of the $210 mark followed, with the $200 set as the new low. Since then, we have seen the Solana price retest the $210 as resistance, likely as bears prepare to push the market lower later today.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we expect more downside to follow after a retest of previous support as a resistance. Therefore, SOL/USD should see more downside, with the next major support level located at $190.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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 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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