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Solana Price Analysis: SOL slowly consolidates around $170, prepares to continue lower?

Solana Price analysis

TL;DR Breakdown

  • Solana price analysis is bearish today.
  • SOL/USD continued to consolidate overnight.
  • The $168 mark currently acts as support.

Solana price analysis is bearish today as we expect the $168 mark to be broken as bulls have failed to regain some of the previous losses. Therefore, we expect SOL/USD to continue even lower next week, with the next major support located as far as the $150 mark.

Solana Price Analysis: SOL slowly consolidates around $170, prepares to continue lower? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.92 percent, while Ethereum lost 0.72 percent. Meanwhile, Solana has declined by 2.49 percent and is among the worst performers.

Solana price movement in the last 24 hours: Solana continues to consolidate around $170

SOL/USD traded in a range of $167.81 – $173.90, indicating mild volatility over the last 24 hours. Trading volume has declined by 50.66 percent, totaling $1.226 billion. Meanwhile, the total market cap trades around $51.65 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL looks to break below $168?

On the 4-hour chart, we can see a slow consolidation for the Solana price action over the last 24 hours with bears still attempting to reach further downside.

Solana Price Analysis: SOL consolidates around $170, prepares to continue lower?
SOL/USD 4-hour chart. Source: TradingView

Solana price has seen strong bearish momentum so far in December. After setting a strong higher high at $243 on the 2nd of December, a strong spike lower followed last Friday.

SOL/USD found support at $170, with consolidation in an increasingly tighter range seen for the following week. Break lower followed on Thursday, opening up the way for another selloff, leading SOL back to the $170 previous low.

Since then, we have seen the Solana price move sideways around the $170 mark, with bulls failing to regain momentum. Therefore, SOL/USD likely prepares for another push lower next week, with the next major support as far as the $150 mark.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we expect the current consolidation to end with a break lower later today. Considering the overall market structure, bears should take over the momentum once again after bulls failed to move the market higher over the weekend.

While waiting for Solana to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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