- 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.
Cryptocurrency 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.
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.