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Solana Price Analysis: SOL sets lower high at $193, slowly moves into a consolidation?

Solana Price

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD saw a rally to $193 today.
  • The higher low was previously set at $187.

The bearish price analysis of Solana is supported today as we anticipate the current rally to come to an end with another lower local high. Since SOL/USD also established a higher low earlier, we believe the market will begin consolidating in a tighter range over the rest of the week.

Solana Price Analysis: SOL sets lower high at $193, slowly moves into a consolidation? 1Cryptocurrency heat map. Source: Coin360

The crypto market overall saw strong selling pressure over the last 24 hours. The market leader, Bitcoin, declined by 1.54 percent, while Ethereum 1.14 percent. Meanwhile, the rest of the top altcoins follow with even bigger losses.

Solana price movement in the last 24 hours: Solana sets higher low at $187, rallies to $193

The price of SOL/USD has been trading in a range of $187.20 – $193.12 for the last 24 hours, suggesting significant movement during that period. 19.72 percent fewer shares changed hands over the course of the day, totaling $2.88 billion in volume, while the market capitalization is around $60.18

SOL/USD 4-hour chart: SOL peaks at $193

On the 4-hour chart, an additional lower high is expected as further upside was rejected at $204 earlier today.

solana price analysis
SOL/USD 4-hour chart. Source: TradingView

The Solana price has been extremely volatile in recent weeks. After a strong rally at the end of November, a somewhat higher high was established at $243, indicating the formation of an eventual reversal for the overall bearish trend.

On Friday, the market took a significant nosedive, with Solana not being an exception. SOL/USD plummeted by more than 30% when it reached $170. There, support was quickly discovered, with the market reacting to $210 rather swiftly.

On Friday, the follow-up push lower was discovered, with a somewhat higher low at $176. The Solana price action saw bullish momentum return overnight to Today from the newly established low. Bullish momentum continued until the $204 level, suggesting that another lower high has been set.

Solana Price Analysis: Conclusion 

The price of Solana is falling at the moment, as we anticipate another push downward following a new lower high established around $193. It’s likely that SOL/USD will establish another higher low, indicating that the market is trading in a tighter spread.

While waiting for Solana to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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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