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Solana Price Analysis: SOL drops 15 percent, support found at $184?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish for rest of the day.
  • SOL/USD spiked below the previous low.
  • Support was found around the $184 mark.

Solana price analysis is bullish today as we expect recovery after a 15 percent drop over the last 24 hours. Likely, SOL/USD will look to regain the loss later today as buying pressure returns.

Solana Price Analysis: SOL drops 15 percent, support found at $184? 1
Cryptocurrency heat map. Source: Coin360

The market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 7.8 percent, while Ethereum by 9.3 percent. Meanwhile, Solana (SOL) is among the worst performers, with a loss of over 11 percent.

Solana price movement in the last 24 hours: Solana spikes below the previous low at $187

SOL/USD traded in a range of $184.33 – $216.40, indicating strong volatility over the last 24 hours. Trading volume has increased by 4.5 percent, totaling $ billion, while the total market cap trades around $57.4 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL found support at $184? 

On the 4-hour chart, we can see a slight recovery over the past hours as the Solana price looks to return back above $190, indicating we should see further upside later today.

Solana Price Analysis: SOL drops 15 percent, support found at $184?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen strong volatility over the past week as the market continued to set lower highs. After peaking at $260 on the 6th of November, SOL/USD saw a continuous decline to the $190 mark.

From there, a sharp recovery followed last week, peaking at $240. Selling pressure returned early this week, slowly leading SOL lower again until a strong spike lower began late yesterday.

This Solana price action development has resulted in a new lower low set at $184. Buying pressure has returned over the past hours, taking SOL/USD back above $190. Likely, SOL will continue to regain some of the loss over the next 24 hours as sellers are finally exhausted.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as another strong lower low has been set after a 15 percent drop. Therefore, we expect SOL/USD to have found a bottom at $184, leading to recovery over the rest of the day. 

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

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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