Solana Price Analysis: SOL sets lower low at $130, ready to reverse?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bullish for today.
  • SOL/USD continued to decline over the last 24 hours.
  • SOL found support at $130.

Solana price analysis is bullish for today as a new lower low was set today with a quick spike to $130. Since further downside got rejected, we assume SOL/USD will reverse after such a strong decline.

Solana Price Analysis: SOL sets lower low at $130, ready to reverse? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, with Bitcoin down by 7.88 percent. The top altcoin, Ethereum, lost 8.53 percent, while Avalanche (AVAX) is among the worst performers, with a loss of 17 percent.

Solana price movement in the last 24 hours: Solana declined past previous low, support found at $130

SOL/USD traded in a range of $131.26 – $159.08, indicating large volatility over the last 24 hours. Trading volume has increased by 26.76 percent and totals $5 billion. Meanwhile, the total market capitalization trades around $42.72 billion, ranking the coin in 7th place overall.

SOL/USD 4-hour chart: SOL ready to reverse?

On the 4-hour chart, we can see the Solana price rejecting further downside when the $130 mark was reached.

Solana Price Analysis: SOL sets lower low at $130, ready to reverse?
SOL/USD 4-hour chart. Source: TradingView

Solana price action still trades in a bearish momentum after a lower low was set today. This continued the bearish momentum that began on the 7th of September when SOL/USD saw a drop from the $215 all-time high.

Over the following weeks, Solana continued to decline with several lower lows set. Strong support was found around $135 on Friday, with a rally to $170 over the following 24 hours.

However, bulls could not keep up bullish momentum for long, and a reversal to the downside followed again. Another lower low was set, with a drop of almost 25 percent.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish for today as a sharp reaction was seen at the $130 mark after a strong drop over the last 24 hours. Therefore, we expect SOL/USD to reverse and look to regain some of the loss over the next 24 hours.

While waiting for Solana to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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