- Solana price analysis is bullish today.
- SOL/USD lis currently trading at $167.3.
- New high set at $180 yesterday.
Solana price analysis is bullish today as we expect the current retracement to end with a higher low set soon. From there, SOL/USD will likely continue higher again and move past the $180 recent local high.
The only topic still in question is when this higher low will be set. Today’s analysis is focused on the hourly chart, but there are some promising signs on the daily time frame.
After looking bearish with a close below $150 during the weekend, SOL/USD has started to recover and seems poised for a higher low. Yesterday’s move looks to have made that possible with 4/6 bullish signs present on the daily chart after the pullback was over.
First, notice how there are no lower lows since the $160-$170 range formed, so it doesn’t look like SOL is following Bitcoin’s drop either. Second, momentum is still strong thanks to the MACD making higher highs while price makes lower lows.
Last, yesterday’s $180 high set looks like it will act as support once again after holding during this pullback so that any further correction may find support at that level. The only thing that could invalidate the bullish view would be a move below $150 or if momentum weakened too much to the downside in the hourly chart.
Since it looks like $160-$170 will act as support once again, we expect this retracement to end there and then attempt another break higher where momentum is very strong. This would be confirmed if today’s candle finishes close above $160 or at least high enough for its midpoint.
SOL/USD 4-hour chart: SOL ready to rally again?
Solana’s price is expected to establish a new low on the daily chart and set up another push higher.
Since the start of this month, Solana pricing has been sideways for days after previously establishing a strong swing high at $204 and swiftly retreating by 18 percent to the $168 level. On Friday, when the newfound support was tested with a fast upswing, there appeared to be little additional selling pressure.
As a result, we expect SOL/USD to form a reversal, indicating that a new lower swing low has been established. The market subsequently reached higher local highs yesterday, reaching as high as $180 before declining.
Since then, the Solana price has slowly retraced, most likely as bulls build a base from which to push higher later this week. As a result, we believe that SOL/USD will see further gains over the next 24 hours and greater heights attempted throughout the week.
Solana Price Analysis: Conclusion
Solana price analysis is bullish today as the market has likely retraced enough and has set a higher low. Therefore, SOL/USD is now ready to break higher and reverse the last week’s loss.
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