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Solana Price Analysis: SOL/USD to break below $185 in the next 24 hours

TL;DR Breakdown

  • Solana price analysis is slightly bearish today.
  • SOL/USD is currently trading at $200.
  • Bullish momentum returned this morning.

Today on the price charts, Solana appears to be bearish. We anticipate that the current bull run will not last long, so we expect another low peak to be soon established. Then, after breaking past $185, SOL/USD should resume its overall bearish trend and move to break beyond $185.

The moving average has established a solid upward trend and will soon break above the upper Bollinger band. This will indicate further bullish momentum, and we can expect more gains in SOL/USD over the next few days.

To understand Solana’s technicals, you first need to know how it works as a technological innovation created to secure files on the blockchain.

Solana is actively working with their community to build momentum behind their platform through content creation (like this article) and promotion. The team at Solana is also collaborating with the community to understand their needs. The underlying goal is to improve transparency and decentralization to achieve trustworthiness on a global level using the open-source platform. 

SOL/USD 4-hour chart: SOL to retrace before break lower?

On the 4-hour chart, we can see some modest bullish momentum in the Solana price action over the past hours as bears take a break before attempting to break $185 later today.

Solana is currently trading at $200, still within the green territory. The price has now reached its peak, and bulls are losing strength; thus, Solana is expected to begin declining towards $185 again.

The RSI indicator shows that overbought conditions were triggered at 61 today, which means bearish momentum will soon set in to push the market lower once again. 

A break past $200 could trigger an automated sell for stops below this level. This usually marks the beginning of another short or medium-term move downward for both bulls and bears until the cycle repeats.

SOL/USD 4-hour chart. Source: TradingView

The price of Solana has been declining steadily this week. After reaching a high of around $240 last Sunday, the SOL/USD pair began to sell off again this week.

A correction followed, with the price falling to $180 before rebounding Tuesday. Consolidation followed after the price reached $180 support, and it continued until Wednesday when further lows were recorded. Another 15% was eliminated on Friday, bringing the value down to $185 and establishing a somewhat lower low.

Bears tested the $200 mark for a second time, who paused after the initial reaction. The Solana price action subsequently plummeted overnight, resulting in a second test of the $185 support. Bears have been unable to break through the support as a small rejection has occurred during the last hours.

Solana Price Analysis: Conclusion

Today’s Solana price analysis is bearish because we anticipate more downside to follow after the current reaction higher concludes. As a result, SOL/USD should see a continuation of lower lows set during the next 24 hours.

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.

This post was last modified on November 29, 2021 5:38 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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