- Solana price analysis is bearish today.
- SOL/USD saw a rally to $204 today.
- Higher low was previously set at $176.
Solana price analysis is bearish today as we expect the current rally to end with another lower local high set. Since SOL/USD also previously set a higher low, we expect the market to begin consolidating in an increasingly tighter range over the rest of the week.
Solana price movement in the last 24 hours: Solana sets higher low at $176, rallies to $204
SOL/USD traded in a range of $186.20 – $204.12, indicating substantial volatility over the last 24 hours. Trading volume has declined by 19.72 percent, totaling $2.88 billion, while the total market cap trades around $60.18 billion, ranking the coin in 5th place overall.
SOL/USD 4-hour chart: SOL peaks at $204?
On the 4-hour chart, we can see another lower high likely set as further upside was rejected at $204 earlier today.
Solana price action has seen strong volatility over the past weeks. After a sharp rally during the last days of November, a slightly higher high was set at $243, indicating potential reversal forming for the overall bearish trend.
However, a sharp drop lower was seen across the market on Friday, with Solana not being the exception. SOL/USD quickly lost around 30 percent as it spiked to the $170 mark. There, support was quickly found, with the market reacting to $210 rather quickly.
The follow-up push lower was seen over the weekend, setting a slightly higher low at $176. From the newly found low, the Solana price action saw bullish momentum return overnight to Today. Bullish momentum continued until the $204 mark, likely meaning that another lower high has been established.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today as we currently expect another push lower after a new lower high set around $204. Likely SOL/USD will move to set another higher low, indicating that the market is trading in an increasingly tighter range.