- 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.
The cryptocurrency market saw bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained around 4.5 percent, while Solana (SOL) saw a strong increase of over 5 percent.
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.