- Solana price analysis is bullish today.
- SOL/USD broke past the $180 resistance.
- The market is currently still pushing higher.
Solana price analysis is bullish today as we expect more upside to follow after a break above the $180 resistance. However, since SOL/USD has gained more than 10 percent over the last 24 hours, we should see the market peak soon.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has gained 1.7 percent, while Ethereum has 4.59 percent. Meanwhile, Solana is among the top performers, with a gain of over 10 percent.
Solana price movement in the last 24 hours: Solana continues to rally, break above previous high
SOL/USD traded in a range of $157.65 – $184.14, indicating strong volatility over the last 24 hours. Trading volume has seen an increase of 54 percent, totaling $2.83 billion. Meanwhile, the total market cap trades around $56.55 billion, ranking the coin in 5th place overall.
SOL/USD 4-hour chart: SOL continues higher
On the 4-hour chart, we can see the Solana price moving higher over the past hours, likely leading to further upside later in the day.
Solana price has seen a strong decline for most of December after a new major swing high was set at $244 on the 2nd of December. From there, SOL/USD saw a strong initial push lower on the 4th of December, leading to the $170 mark tested.
The following reaction higher to $210 started a consolidation in an increasingly tighter range for the following week. Another break lower followed last Friday, leading to $162 this time. After some consolidation, a third drop followed on Monday, taking SOL to the current low at $150.
Since then, the Solana price has seen a slow recovery until a spike higher was made late yesterday. Overnight, SOL/USD reached the $180 mark and broke the previous local minor swing high. Therefore, we could see the overall market momentum turn bullish again over the next weeks.
Solana Price Analysis: Conclusion
Solana price analysis is bullish today as we saw a strong spike higher lead to a new local higher high set overnight. Likely, SOL/USD will test further upside later today as buying pressure is still strong.