- Solana price analysis is bearish today.
- SOL/USD set another lower high overnight.
- The previous low at $176 is soon to be tested.
Solana price analysis is bearish today as we expect further downside towards the previous low to follow. However, likely we will see another higher low set as the week-long consolidation in an increasingly tighter range continues.
The market overall traded with bearish momentum again, with the leaders, Bitcoin and Ethereum, down by 5.36 and 6.24 percent, respectively. Meanwhile, Solana has seen similar performance as it declined by 6.46 percent.
Solana price movement in the last 24 hours: Solana set another lower high, returned to test the downside
SOL/USD traded in a range of $182.55 – $196.69, indicating strong volatility over the last 24 hours. Trading volume has declined by 22.66 percent, totaling $1.85 billion. Meanwhile, the total market cap trades around $55.74 billion, resulting in 5th place overall.
SOL/USD 4-hour chart: SOL looks to retest previous low?
On the 4-hour chart, we can see the Solana price action declining again today as bears look to set another higher low.
After ending November with a very strong rally and setting a higher high at $243, the Solana price action saw a sharp reversal at the beginning of December.
By the start of last weekend, SOL/USD had dropped a little over 30 percent as it spiked to $170 for a brief moment. Quick reaction to $210 followed, with the follow-up push lower setting higher low at $176.
Since then, the Solana price has established an increasingly tighter trading range, indicating a base could be forming for a much more serious reversal later this month. Therefore, we expect the current push lower to set another higher low over the next 24 hours. From there, we could see a higher high finally set.
Solana Price Analysis: Conclusion
Solana price analysis is bearish today as we saw a strong decline over the past hours after another lower high set at $196. Likely bears are looking to set another higher low, leading ETH/USD to continue the current week-long consolidation.